As a participating member of the Federal Home Loan Bank of Boston (FHLB Boston), Androscoggin Bank is thrilled to announce the return of the Permanent Rate Buydown Program—a powerful tool to help homebuyers secure lower mortgage rates for the life of their loan at no cost.
What Is the Permanent Rate Buydown Program?
This program provides qualifying homebuyers with a mortgage interest rate reduction of up to 2.0%, significantly improving affordability in a competitive real estate market. To be eligible, the buyer’s income must not exceed 80% of the Area Median Income (AMI) for the county where the property is located.
Why This Matters for Homebuyers
- A lower interest rate means monthly mortgage payments will be more affordable, making homeownership more financially manageable.
- With reduced financing costs, buyers may qualify for a higher-priced home that better meets their needs.
- The program is available at no cost to the buyer, allowing them to take advantage of significant long-term savings without any additional expenses.
A Valuable Resource for Realtors
For real estate professionals, this program can help expand the pool of potential buyers and make homeownership more attainable. By introducing clients to this opportunity, realtors can:
- Help buyers secure a lower mortgage rate, making it easier for them to afford a home.
- Assist clients in overcoming affordability challenges, especially in today’s competitive housing market.
- Guide buyers toward a financing option that reduces long-term costs, making homeownership more sustainable.
Act Now to Take Advantage
Since pricing is determined by FHLB Boston and subject to change, now is the time to explore how this program can work for you or your clients. For full details, visit the **FHLB Boston FAQ **or contact a Mortgage Loan Officer today.
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