Maine Savings Federal Credit Union in Hampden has introduced a program to give homebuyers up to $15,000 in down payment and closing costs.
The $304 million-asset Maine Savings is offering the financial assistance through the Federal Home Loan Bank of Boston's Equity Builder Program. The money is available to homebuyers with incomes 80% of lower than the median income of the area where the property is located.
“Rents are increasing and the dream of home-ownership seems out of reach for many. But this program will help bridge the gap for some who are close to being able to buy a home,” John Reed, chief executive of Maine Savings, said in a news release.
Those who qualify can combine the financial assistance with Maine Savings' 10% down payment CU Promise loan.
