Katahdin Trust, a community bank with 16 full-service branches in northern Maine, greater Bangor and the Portland area, has been selected to participate in Federal Home Loan Bank of Boston’s “Housing Our Workforce” program.
The $2 million program offers a two-to-one match of down payments made at the time of purchase by eligible home buyers.
Launched this year, HOW provides assistance with down payment costs to eligible home buyers who earn more than 80% and up to 120% of the area median income.
Borrowers can receive up to $20,000 in assistance on a first-come, first-served basis from Katahdin Trust, an equal housing lender. Loans are subject to credit approval. Buyers must also complete a home buyer counseling program. Classes are available throughout the State of Maine or online for a modest fee. Class schedules can be found online here.
Depending on availability of funds, Katahdin Trust is eligible to receive up to $100,000 in 2019 through HOW.
“Many home ownership programs are designed to assist lower-income individuals and families,” explained Krista Putnam, Katahdin Trust’s senior vice president, marketing. “It is often challenging for those in a slightly higher income range to afford housing, particularly in communities where home prices are escalating. With this program, a greater number of borrowers who are incredibly important to the economic well-being of our communities will be able to achieve home ownership.”