WATERFORD, Conn.– Charter Oak Federal Credit Union said it 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.
The $3.6 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Eligible borrowers receive up to $15,000 in assistance on a first-come, first-served basis. Buyers must also complete a homebuyer counseling program.
“We know that homeownership isn’t easily attainable for some households, so we’re pleased that we can lessen the financial costs associated with buying a home through this Equity Builder Program,” said Brian A. Orenstein, Charter Oak’s president and Chief Executive Officer. “Owning your own home helps build wealth and creates financial stability, and programs like this can add to the overall vitality of the communities that we serve in New London and Windham counties.”
Charter Oak is eligible to receive up to $150,000 during 2019 through the Equity Builder Program depending on availability of funds. Since 2003, the Equity Builder Program has awarded more than $38.8 million in Equity Builder Program funds assisting 3,512 income-eligible households to purchase a home.
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 9,157 mortgages in New London and Windham counties combined with a total value of nearly $1.2 billion, based on annual data compiled by The Warren Group’s Residential Mortgage Marketshare Report.