Bangor Savings named lead lender
BANGOR – According to recently released 2011 data from MaineHousing, Bangor Savings Bank was the lead lender for the year, providing 183 of the 795 total MaineHousing loans given to qualified buyers. These 183 loans totaling $23.5 million represent 24 percent of the nearly $97 million in loans issued through MaineHousing.
Under MaineHousing’s First Home Program, eligible first-time homebuyers and active duty military and veterans can secure low down payment and fixed, competitive interest rate mortgages to purchase single family and mobile homes. Qualified borrowers also can access special options like closing cost assistance and additional funding to make home improvements. The buyers must meet income guidelines, and borrowers using the Advantage option to help with closing costs and/or down payment must complete a hoMEworks homebuyer education class prior to loan closing.
Bangor Savings Bank has been the top lender of MaineHousing loans every year since 2008, issuing 750 mortgages in four years. Even with the downturn in the economy and housing market, the Bank has steadily increased the rate of its lending – from underwriting 17 percent of all MaineHousing loans in 2008 to 24 percent of the loans issued last year.
