Bridgewater Savings Bank Provides Over $540,000 in Down Payment & Closing Cost Assistance

Bridgewater Savings Bank Provides Over $540,000 in Down Payment & Closing Cost Assistance

October 11, 2018


Raynham, Massachusetts - October 11, 2018 - Bridgewater Savings Bank (BSB) has had its most successful year in providing down payment and closing cost assistance. For the nine months ending September 30, the Bank had provided over $540,000 in down payment and closing cost assistance toward the purchase of 28 homes.

“We recognize that saving enough money to fund down payment and closing costs remains the single biggest challenge for first-time homebuyers,” stated Peter Dello Russo, President and CEO of Bridgewater Savings. “Our goal is to help bridge the financial gap to help prospective buyers obtain the funds needed to become homeowners.”

BSB has drawn primarily from three sources for homebuyer financial assistance: the Federal Home Loan Bank's Equity Builder Program (EBP), MassHousing’s Down Payment Assistance (DPA) program, and the NeighborhoodLIFT program through NeighborWorks. Each program has income, property and loan program restrictions. In some cases, the Bank has combined two separate programs to help with a single purchase.

EBP provides grants of up to $11,000 per home purchase. No payment is expected, and grants are forgiven after five years of ownership. MassHousing’s DPA program offers second mortgage loans of up to $12,000 per home purchase, at an interest rate/annual percentage rate (APR) of 1%. The NeighborhoodLIFT program offers $20,000 (or $22,500 for military, first responders, and teachers) grants per home purchase. No payment is expected, and grants are forgiven after five years of ownership. BSB is the second-leading lender of LIFT funds among only 15 approved lender participants in Massachusetts, and provided nearly $250,000 of LIFT grants in the month of August alone.

Bridgewater Savings Bank provides a variety of home financing options to those seeking to purchase or refinance. Loan Officers are familiar with the region’s market and equipped with the experience to help homebuyers achieve their real estate goals. To inquire about down payment and closing cost assistance, call 800.356.8622 or visit a local branch or loan center.

Bridgewater Savings is a full-service financial institution offering commercial, consumer and residential loans as well as business and personal banking. Please visit bridgewatersavings.com or call 508.884.3300 for additional information. Bridgewater Savings is a member of the Federal Deposit Insurance Corporation (FDIC) and a member of the Depositors Insurance Fund (DIF). Bridgewater Savings is an Equal Housing Lender.

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