MANCHESTER, N.H.— St. Mary’s Bank is offering downpayment assistance to first-time homebuyers.
Eligible buyers can get up to $11,000 to purchase homes they will occupy as their primary residences. The funds can be used for downpayments and closing costs, reimbursement of homebuyer counseling costs, or rehabilitation costs associated with acquisition, the credit union said.
St. Mary’s said applicants with household income at or below 80% of the HUD median income for the area, based on property location, are eligible for the program. St. Mary’s Bank is receiving the downpayment assistance funds through the Equity Builder Program at Federal Home Loan Bank of Boston.
“As a member-owned credit union, the borrower’s homeownership goal is our focus,” said Karen Mayrand, senior vice president, director of Residential Lending at St. Mary’s Bank. “I highly encourage any prospective first-time homebuyer to talk to us and find out if they qualify.”
Funds are available now on a first-come, first-served basis.