The $608 million Leominster Credit Union in Leominster, Mass., said it will be providing up to $15,000 in down payment and closing cost assistance to first-time homebuyers this year.
The 49,100-member credit union said it has received a $150,000 grant from the Federal Home Loan Banks' Equity Builder Program to fund the program locally for the second consecutive year.
Last year, six first-time homebuyers received $10,000 each through the program. They had to meet criteria that included the $64,400 income limit for a family of four in Worcester County, Leominster CU said.
“For many first time buyers, this assistance means the difference between whether or not they can fulfill their dream of becoming homeowners,” said Brenda Bujnevicie, the credit union's vice president of real estate operations.
“This year, the additional funds and the increase from $10,000 to $15,000 maximum per applicant, means we can help even more first time homebuyers than we did last year,” Bujnevicie said.
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