St. Mary’s Bank is providing income-eligible, first-time homebuyers with funds to assist with down payments and closing costs.

The nation’s first credit union has been approved and is eligible for up to $110,000 in funding from the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP). Funds may also be used for homebuyer counseling and rehabilitation assistance.

“Grants of up to $11,000 can be awarded per eligible household,” said Karen Mayrand, Director of Residential Lending at St. Mary’s Bank. “These grants will make a real difference for families purchasing their first homes.”

The EBP provides funding to St. Mary’s Bank and other financial institutions to assist borrowers with total household incomes at or below 80 percent of the area median income. Applicants must meet program guidelines and funds are available on a first-come, first-served basis. 

For more information, or to see if you qualify, please contact the Mortgage Center at St. Mary’s Bank at 1-888-705-9596.