HOULTON, Maine — Up to $11,000 in down-payment and closing costs is available to income-eligible first-time homebuyers thanks to the Equity Builder Program and Katahdin Trust.
“When more families have options that help make it possible for them to own their own home the whole community benefits,” said Leslie Gardner, vice president of retail loans at Katahdin Trust. “Homeownership is a key driver of economic prosperity in our local communities. We are pleased to receive Equity Builder grant funds which will help more families achieve their dreams of owning a home.”
Grant funds are distributed through the Federal Home Loan Bank of Boston. The Equity Builder Program is available on a first-come, first-served basis for households with incomes at or below 80 percent of Department of Housing and Urban Development (HUD) area median income. For example, income eligibility for a two-person household in Aroostook County is $35,800. Eligibility will vary across the state.
Last year, Katahdin Trust helped five families purchase their first home.
“I know we never would have gotten our own home without this program helping us,” shared a grateful family. Another Maine resident shared a similar sentiment: “I really appreciated this program,” he said. “Without it I wouldn’t have been able to buy my dream home.”
Additional requirements include attending a homebuyer education or counseling program, which are available throughout the State of Maine or online for a modest fee. Class schedules can be found at www.mainehomeworks.org.
“This year we are able to assist up to 10 families throughout Maine who might otherwise think a home purchase is out of reach,” shares Gardner. “We are proud to be part of this effort.”
For more information, visit any Katahdin Trust office or katahdintrust.com/equitybuilder.
