The Equity Builder Program* provides Homebuyers up to $15,000 of grant money to eligible members. These funds can be used for closing costs, down payment, or pre-paid mortgage insurance. This program is for a limited time. Funds will be awarded on a first come, first serve basis and are not guaranteed. Please review the program requirements below.
- To be eligible, you must meet income level requirements*
- Recipients must attend homebuyer education/counseling program
- Limited time program - grant funds are distributed on a first-come, first-served basis, provided by the Federal Home Loan Bank of Boston
- Can be used with CU Promise 90 Loan
- Maine Savings will reimburse appraisal costs for loans closed with this program
*Buyers eligible to receive assistance through the Equity Builder Program are individuals and households earning no more than 80 percent of the area median income, based on their future address. To be eligible to receive assistance through the Equity Builder Program, buyers must complete a homebuyer counseling program administered by an agency designated by the Equity Builder Program-approved member financial institution. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the proceeds would only be due if the property is sold within the first five years of home ownership. May not be combined with any other type of down payment programs.