(Somerville, MA) Naveo Credit Union is offering cash grants to eligible local first time homebuyers through the Federal Home Loan Bank of Bostons Equity Builder Program (EBP). The EBP offers grants to provide assistance with down payments, closing costs, homebuyer counseling and property rehabilitation for eligible individuals purchasing their first home.
The EBP program grants up to $11,000 to eligible buyers on a first-come, first-served basis. In addition, Naveo will pay for the first $350 in costs toward an appraisal for the property being purchased. In order to qualify, eligible buyers must have household incomes at or below 80 percent of the area median income. Enrollment in the program begins March 23, 2016.
Naveo has been hosting monthly First Time Homebuyer workshops and providing grant information to attendees so they may take advantage of this benefit before the funds are gone. For more information on taking advantage of this program, visit naveo.org/ebp.
"The Equity Builder Program, combined with the $350 appraisal credit and todays historically low interest rates, will enable many prospective home buyers to make the jump from renting to owning their own homes. Buying their first home is often a milestone event for individuals and families in their journey toward financial progress. We at Naveo are very pleased to partner with our members in realizing their dream of owning their own home," commented Albert Pinho, Vice President of Lending at Naveo Credit Union.
