Dedham Savings Offers Mortgage Down Payment Assistance Programs
Dedham Savings has an array of down payment and closing cost assistance programs available to qualified homebuyers, according to an announcement by Laura Dorfman, Executive Vice President for Residential & Consumer Lending.
Noted Dorfman, “Buying a home may be one of the largest and most important purchases many of us will ever make. It can also be daunting and costly. At Dedham Savings, we have many resources to assist with down payment and closing costs. These programs are offered on a first-come, first-served basis, so we urge those in need of assistance to contact us as soon as possible while funds remain available.”
City of Boston Loans
For income-eligible homebuyers looking for a primary residence in Boston, this loan from the City of Boston’s Department of Neighborhood Development, under the direction of Mayor Kim Janey, may offer financial help. Following the completion of a special Homebuying 101 class, borrowers can get up to $30,000 for a condo or 1-family, $35,000 for a 2-family, and $40,000 for a 3-family toward down payment and closing costs.
Equity Builder Program (EBP)
Offered through the Federal Home Loan Bank (FHLB) Boston, the Equity Builder Program offers grants to help buyers who are earning up to 80% of the area median income with down payment and/or closing costs. EBP can help make home ownership a reality for local families.
Housing Our Workforce (HOW)
Also offered through the FHLB, this grant supports borrowers who are essential to the long-term vitality of our local communities to purchase a home in the community where they work. HOW provides income-eligible homebuyers with one-to-one matching grants for down payment.
Income-eligible Massachusetts buyers may qualify for down payment assistance of 5% of the home’s purchase price – up to $25,000 in Boston and the Gateway Cities, or up to $15,000 in other MA communities. Gateway Cities include Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.
Dedham Savings Program
For income-eligible first-time homebuyers purchasing a 1- or 2-family home or condo that will be used as a primary residence, and the home is located in one of the markets served by the Bank, Dedham Savings may be able to assist with down payment costs. All programs are offered on a first-come, first-served basis, while funds remain available. Individual program restrictions and income limits apply, and all loans are subject to credit approval. To learn more, visit the Bank’s website, www.dedhamsavings.com, or contact Robert Madden, Vice President & CRA Loan Officer, at 616-877-2710.
ABOUT DEDHAM SAVINGS
Incorporated in 1831, Dedham Savings is one of the oldest banks in Massachusetts still doing business under its original charter. The bank delivers technology-driven solutions in a client-centric way to promote the financial success of the individuals, families, businesses, and non-profit organizations in the communities it serves. Dedham Savings manages $1.7 billion in assets through full-service locations in Dedham, East Dedham, Needham, Norwood, Sharon, South Boston, Walpole, and Westwood, Massachusetts.