Vermont Business Magazine Berkshire Bank, with branches in southern Vermont, has announced a new down payment assistance program to help first-time homebuyers achieve the dream of homeownership. Rising home prices and low inventory are creating affordability challenges for potential homebuyers, especially those looking for their first home. The new offering from Berkshire will help make that dream a reality and the program can be combined with many local, state and federal down payment assistance offerings.
Berkshire provides a wide range of tailored solutions to help homebuyers including Federal Home Loan Bank (FHLB), Fannie and Freddie mortgage solutions. With the Berkshire Bank Down Payment Assistance Program, first-time homebuyers, specifically low-to-moderate income borrowers defined as those earning up to 80% the area-median income or those purchasing a home located in a low-to-moderate census tract, can be considered for the down payment assistance funds which are in the form of a grant and can be used towards down payment and closing costs.
Ellen Steinfeld, Sr. EVP, Head of Consumer Lending, stated, “With the price of homes so high, the experience of purchasing a home can be overwhelming. Berkshire Bank’s Down Payment Assistance Program was created to help first-time homebuyers achieve the dream of homeownership and reduce the financial stress of the increasing down payment required to buy a home. Our experienced mortgage loan officers are here to educate and provide guidance to customers on the loan programs available to them from Berkshire Bank. Our goal is to make the mortgage process as easy as possible.”
Source: 10.5.2023. BOSTON – Berkshire Bank. BerkshireBank.com
