BOSTON – Berkshire Bank, which has a presence in Rhode Island, says it has increased the amount of money available through its down payment assistance program to help prospective homebuyers achieve homeownership.
Eligible borrowers – specifically low- to moderate-income borrowers defined as those earning up to 80% of the area median income or those purchasing a home located in a low-to-moderate census tract – purchasing a home can receive down payment assistance of $7,500. It is considered a form of grant, and the program can also be combined with many local, state and federal down payment assistance offerings, the bank said.
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“The experience of purchasing a home can be overwhelming and Berkshire Bank’s team of experts help simplify that process to make it as easy as possible,” said Ellen Steinfeld, senior executive president and head of consumer lending. “Our enhanced down payment assistance program provides additional resources to help homebuyers achieve the dream of homeownership.”
Berkshire – which has four locations and $297.8 million in deposits in Rhode Island, according to Federal Deposit Insurance Corp. data – said some of the key elements of its down payment assistance program include:
- Eligible borrowers purchasing a home in a qualifying area in eligible counties in Massachusetts, New York, Connecticut, Rhode Island and Vermont may receive down payment assistance of $7,500 toward the purchase price.
- The bank has a program that will consider alternative credit if needed (i.e., rent statements, electric bills, phone bills) when applying for certain mortgage products. Alternative credit cannot be used to eliminate poor credit history.
- Programs are available on a first-come, first-served basis.
Eligibility requirements include:
- The buyer must meet income eligibility requirements or the property must be located in an approved area in Massachusetts, New York, Connecticut, Rhode Island or Vermont.
- Primary residence includes a single-family (detached or attached), two-family, condo or properties located within homeowners’ associations.
- Borrowers may need to complete a homebuyer counseling course.
- Two-family borrowers must take a homebuyer course and a landlord training course.
In addition to the Berkshire Bank Down Payment Assistance Program, the bank also provides programs to educate and empower homebuyers, including first-time homebuyer programs. For information on terms and conditions, contact a Berkshire Bank mortgage loan officer by visiting BerkshireBankHomeLending.com.
