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02.8.2010

Legacy Offers First-Time Home Buyer Equity Builder Program

Pittsfield, Mass. – Legacy Banks is the only bank in Berkshire County to offer a First-time Homebuyer Equity Builder Program for qualifying customers in need of financial assistance to purchase a home. The program, which began last year and has been extended into 2010, provides up to $10,000 to borrowers for assistance with a down payment and closing costs. It’s available due to Legacy’s participation in the Federal Home Loan Bank of Boston Equity Builder Program. First-time borrowers who have not had an ownership interest in a property for the past three years are eligible to receive the benefits, which include up to 5% of the sales price for down payment assistance. Additionally, all bank-related fees are waived, including the application fee, underwriting fee and loan origination fee, and Legacy pays any third-party closing costs. Legacy is offering its 5/1 Adjustable Rate Mortgage product through this program, the posted rate for which will be discounted by .25% APR for participants. Those enrolled in the program will not owe their first payment until 30-days after the closing, eliminating prepaid interest due at closing. “This is really still a great market for first-time home buyers,” said Jackie McNinch, Vice President of Consumer Lending. “This, in addition to the new federal tax incentive and our very competitive first-time homebuyer loan programs, create the perfect opportunity for consumers to reach for the dream of homeownership,” she added. Eligible properties include single-family, one to four family properties, town homes, duplexes, cooperatives and condominiums. The total household income must be at or below 80% of the area median income level, adjusted for family size, for interested applicants. For more information, about the First-Time Homebuyer Equity Builder Program, call 800-292-6634.