For many first-time homebuyers, saving up for a down payment can be a roadblock that delays the dream of homeownership. If you’re hoping to buy your first home, an exciting new program may help you get over the down payment hurdle.
BayCoast Mortgage Company, a wholly owned subsidiary of BayCoast Bank, is proud to announce its Down Payment Assistance (DPA) Program.
What is the Down Payment Assistance Program?
In an effort to meet the financial needs of our local communities, BayCoast Mortgage will provide Down Payment Assistance of up to $10,000 on a matching basis to eligible first-time home buyers who are purchasing a home within BayCoast Bank’s Community Reinvestment Act (CRA) Assessment Area and other surrounding municipalities.
The program will help ensure that homeownership is within reach for more individuals and families in Southern New England, especially for those in low-to-moderate income levels who may have thought the dream of owning their first home, wasn’t possible.
- For borrowers to qualify for the DPA Program, they must meet income and purchase limits.
- Applicants will be notified of their eligibility and grant amount at the time of loan approval.
- Grant funds will be made available to qualified buyers at the time of the closing.
How Long will the DPA Program Be Available?
The Down Payment Assistance Program has a total of $500,000 available to eligible borrowers. Once the funds are gone, the program will end.
Contact BayCoast Mortgage Today!
For more information about the DPA program and to determine if you may qualify, contact BayCoast Mortgage today at 877-466-2678. We will be happy to assist you!
Eligible Cities and Towns in the BayCoast CRA Assessment Areas: