WATERFORD, Conn.–Charter Oak FCU said it has been selected to participate in the Federal Home Loan Bank of Boston’s new “Housing Our Workforce Program,” which offers down-payment assistance to eligible homebuyers in eastern Connecticut.
The unique $2 million program was launched earlier this year and will provide local homebuyers earning up to 120% of the area median income with down-payment assistance on their owner-occupied primary residences. The program offers a two-to-one match of down payments made at the time of purchase by eligible homebuyers. Borrowers can receive up to $20,000 in down-payment assistance on a first-come, first-served basis, and all those participating in the new Housing Our Workforce Program must complete a homebuyer education and counseling program.
“Owning your own home is part of the American dream for our local working families, but sometimes the costs associated with buying a home, including the down payment, may put home ownership out of reach for some,” said Brian A. Orenstein, Charter Oak’s president and CEO. “We're very proud to participate in the new Housing Our Workforce Program, which will make home ownership more attainable for our local workforce here in eastern Connecticut,” he said.
Charter Oak’s members are eligible to receive up to $100,000 this year through the Housing Our Workforce mortgage down-payment program, depending on availability of funds.
Charter Oak noted it has been eastern Connecticut’s Number 1 residential mortgage lender for nine consecutive years. Since 2010, when Charter Oak first became the top residential lender in eastern Connecticut, the credit union has originated over 9,000 mortgages in New London and Windham counties combined with a total value of nearly $1.2 billion, based on data compiled by The Warren Group’s Residential Mortgage Marketshare Report.