Equity Builder Program

 

Need a hand with the down payment?

Let’s face it, buying a first home is not only challenging financially but can be really nerve-racking. With rising home prices, high down-payment requirements and upfront closing costs, Katahdin Trust recognizes how difficult entering the housing market can be for some first-time buyers.

That’s why Katahdin Trust, in association with the Federal Home Loan Bank of Boston, is pleased to offer the Equity Builder Program. Under this program, qualified mortgage candidates* can:

  • Obtain a grant which can then be used for down-payment and closing cost assistance
  • Get up to as much as $15,000 per eligible household

Interest would not accrue on the grant and the proceeds would only be due if the property is sold within the first five years of home ownership. For instance, each year that passes the grant would be reduced by 20% and after five years, the Equity Builder Grant would effectively be forgiven . . . you would not be required to repay the grant portion.

*Income limits apply and subject to credit approval. The Equity Builder Grant Program is offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance.

Get Started

Contact your local branch to speak to a Katahdin Trust Lender for more information and to see if you qualify.

We want to make your application process as easy and convenient as possible. Check out our Loan Application Checklist.

All loans subject to credit approval. Grant is provided by the Federal Home Loan Bank of Boston. Interest would not accrue on the grant and the proceeds would only be due if the property is sold within the first five years of home ownership. May not be combined with any other type of down payment programs.

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