Grafton Suburban Credit Union (GSCU) has been approved to offer up to $150,000 of down payment assistance to first time home buyers through a grant from the Federal Home Loan Bank’s Equity Builder Program. The credit union was one of 125 banks and credit unions in New England that were approved to access the Equity Builder Program’s $2.7 million pool. This is the first time GSCU has applied and been accepted for this program.
“The Equity Builder Program provides us with a tremendous opportunity to enrich the surrounding community by making home ownership a possibility for many first time buyers,” said Karl Moisan, GSCU SVP & Senior Lender.
First time home buyers who meet all of the Equity Builder Program qualifications criteria, including income limits, will be eligible for up to $15,000 in down payment and closing cost assistance. The median household income limit for a family of four in Worcester County is $63,680.
“As an originator, I am excited to add this program to our Mortgage line-up as it will allow us to help more of our members realize the dream of buying a home,” said Doug Lanzillo GSCU AVP, Real Estate Lending.
According to Lanzillo, 75 percent of the funds are available now to qualified buyers, with the remaining 25 percent to be released in the fall. Down payment assistance is available until the entire grant is distributed.
For more information on this program and its specific guidelines, contact Doug Lanzillo or Dan Crossin of GSCU’s Mortgage Team at 508-839-5493.
Grafton Suburban is a $125 million credit union serving 11,000 members in Worcester and Middlesex Counties. The financial institution contributes the time and resources of its staff, and approximately $40,000 annually to help strengthen nonprofit organizations within the Grafton area community. For more information, visit graftonsuburban.com.