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Norway Savings Offering Two New Down Payment Assistance Programs

NORWAY—Norway Savings Bank has long provided a wide range of tailored solutions to help homebuyers, including first-time purchasers and low-to-moderate income borrowers. With rising home prices and low inventory creating affordability challenges, NSB is now offering additional support in the form of two new down payment assistance programs: the Equity Builder Program and the Housing Our Workforce Down Payment Assistance Program.

“With the price of homes so high, the experience of purchasing a home can be a real challenge and sometimes, it seems like an impossible dream,” said Jennifer Corbett, Retail Lending Sales Manager VP for Norway Savings. “These programs are designed to help eligible borrowers purchase a new home through a less stressful and more beneficial mortgage process that reduces their financial strain and makes the purchase attainable.”

Through the Equity Builder Program, eligible homebuyers can be assisted with up to $30,806 in down-payment and closing costs. The program is available to households with incomes at or below 80% of HUD Area Median Income and is reserved for first-time homebuyers (classified as people who have not owned a home on real property in the past three years). Grant funds are available on a first come, first served basis.

The Housing Our Workforce (HOW) Down Payment Assistance Program is designed to assist eligible homebuyers with 10% of the home sales price or up to $25,000 in down-payment and closing costs. This program is available to households earning more than 80% and up to 120% of HUD Area Median Income and is not reserved for first-time homebuyers. Grant funds are available on a first come, first served basis.

“We also offer several additional down payment assistance programs, each with their own set of qualifications and guidelines,” said Corbett. “Our Mortgage Loan Officers possess years of local lending expertise and are always ready to guide interested individuals and families through their options and throughout the process.”

To speak to a Mortgage Loan Officer to learn more, make an appointment, or start an application, call Norway Savings Bank at 1-888-725-2207 or visit https://www.norwaysavings.bank/personal-banking/mortgages.