Washington Trust Offers Assistance to Homebuyers Through FHLB Boston Program
March 19, 2018
March 19, 2018
Westerly, RI –The Washington Trust Company and its subsidiary, the Washington Trust Mortgage Company, have been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance.
The $3.1 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $11,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.
“We are pleased to be able to offer this assistance to help ease some of the challenges associated with a home purchase,” said Edward Handy, Chairman and CEO of Washington Trust. “Homeownership is key to building wealth and creating financial stability, and programs that assist homebuyers are a critical component in ensuring that our communities continue to thrive.”
Washington Trust is eligible to receive up to $110,000 in 2018 through the Equity Builder Program depending on availability of funds. Since 2003, the Equity Builder Program has awarded more than $35 million in EBP funds assisting 3,150 income-eligible households to purchase a home.
Washington Trust Mortgage Company LLC offers a full-range of mortgage solutions, including fixed rate, adjustable rate, first time homebuyer, construction and reverse mortgages, as well as home equity loans and lines of credit. Our team of experienced mortgage professionals is dedicated to helping borrowers through all stages of life by providing customized, comprehensive financing and personalized services. Washington Trust Mortgage Company LLC is a subsidiary of The Washington Trust Company.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.
ABOUT FHLB BOSTON
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.