Burlington, VT – Vermont Federal Credit Union has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $11,000 in a grant on a first come first serve basis. Buyers must also complete a HUD Certified homebuyer counseling program.
“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 homebuyers are a critical component in ensuring that our communities continue to thrive,” said Mark Antell, Assistant Vice President of Mortgage Origination of Mortgage at the Credit Union.
Vermont Federal Credit Union is eligible to receive up to $110,000 in 2018 through the Equity Builder Program depending on availability of funds.
Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.
To learn more about applying for assistance, please contact Vermont Federal Credit Union’s mortgage team at 888-252-0202.
Vermont Federal Credit Union is a $900 million-plus full-service, not-for-profit, cooperative financial institution that has served Vermonters for more than 70 years, with eight locations currently serving over 50,000 members. Members are part of a cooperative, meaning they share ownership in the Credit Union and elect a volunteer board of directors. Vermont Federal Credit Union provides membership to anyone who lives, works, worships, or attends school in all of Vermont. Vermont Federal Credit Union is committed to supporting its communities and helping Vermonters prosper, no matter where they may be on life’s journey. Learn more about Vermont Federal Credit Union.
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.
Download a PDF version of this press release here.
Contact:
Lori Crowley
V.P. of Marketing
Vermont Federal Credit Union
80 Midas Drive
South Burlington, VT 05403
(802) 658-0225 x 1312
lcrowley@vermontfederal.org
