HANOVER – Ledyard National Bank has been selected to participate in two programs offered by the Federal Home Loan Bank of Boston.  The first, known as the Equity Builder Program, assists local home buyers with down-payment and closing costs.  Equity Builder provides grants to financial institutions to assist households who are purchasing their first home and who are at or below 80% of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first come first serve basis. Ledyard National Bank is eligible to receive up to $150,000 in 2021 through the program depending on availability of funds.

The second, the Housing Our Workforce program, provides down-payment assistance to homebuyers earning more than 80% and up to 120% of the area median income.  Ledyard is eligible to receive up to $100,000 in 2021 through HOW and is authorized to make requests of up to $10,000 per homebuyer from the pool of funds to assist income-eligible households on a first-come, first-served, homebuyer-by-homebuyer basis.  The program provides a one-to-one match of down payments made at the time of purchase by eligible homebuyers. For example, if a homebuyer makes a $5,000 down payment, FHLB Boston will provide a $5,000 match.

“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase. Homeownership is key to building wealth and creating financial stability, and programs that assist home buyers are a critical component in ensuring that our communities continue to thrive,” said Mike Urnezis, Senior Vice President, Consumer Lending and Mortgage Lending Officer at Ledyard National Bank.

To learn more about applying for assistance, please contact mortgages@ledyardbank.com or call us at 888-746-4562.

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