Berkshire Bank Expands Down Payment Assistance Program

BOSTON — Berkshire Bank is pleased to announce it has increased the funds available through its down payment assistance program to help homebuyers achieve their dream of homeownership.

Eligible borrowers purchasing a home in a qualifying area may now receive down payment assistance of $7,500 toward the purchase price. This program can also be combined with many local, state, and federal down payment assistance offerings.

Berkshire provides a wide range of tailored solutions to help homebuyers, including Federal Home Loan Bank (FHLB), as well as Fannie and Freddie mortgage solutions. With the Berkshire Bank Down Payment Assistance Program, homebuyers, specifically low- to moderate-income borrowers defined as those earning up to 80% the area median income or those purchasing a home located in a low-to-moderate census tract, can be considered for the down payment assistance funds, which are in the form of a grant and can be used toward down payment and closing costs.

“The experience of purchasing a home can be overwhelming and Berkshire Bank’s team of experts help simplify that process to make it as easy as possible,” said Ellen Steinfeld, senior executive president and head of Consumer Lending. “Our enhanced down payment assistance program provides additional resources to help homebuyers achieve the dream of homeownership.”

Key elements of the Berkshire Bank Down Payment Assistance Program include:

• Eligible borrowers purchasing a home in a qualifying area in eligible counties in Massachusetts, New York, Connecticut, Rhode Island and Vermont may receive down payment assistance of $7,500 towards the purchase price.
• Down payment assistance is considered a grant.
• The bank has a program that will consider alternative credit if needed. (i.e., rent statements, electric bills, phone bills) when applying for certain mortgage products. Alternative credit cannot be used to eliminate poor credit history.
• Programs are available on a first-come, first-served basis.

• The buyer must meet income eligibility requirements OR the property must be located in an approved area in Massachusetts, New York, Connecticut, Rhode Island and Vermont.
• Primary residence includes a single-family (detached or attached), two-family, condo or properties located within homeowners' associations.
• Borrowers may need to complete a homebuyer counseling course.
• Two-family borrowers must take a homebuyer course and a landlord training course.

In addition to the Berkshire Bank Down Payment Assistance Program, the bank also provides robust programs to educate and empower homebuyers, including first-time homebuyer programs. For more information on terms and conditions, contact a Berkshire Bank mortgage loan officer by visiting BerkshireBankHomeLending.com.
 
About Berkshire Bank  
Berkshire Bank is a relationship-driven, community-focused bank that delivers industry-leading financial expertise to clients in New England and New York and is a subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB), headquartered in Boston. With $12.1 billion in assets and 96 financial centers, the bank provides a full suite of tailored banking solutions through its Commercial Banking, Retail Banking, Consumer Lending, Private Banking and Wealth Management divisions. Newsweek named Berkshire one of the Most Trustworthy Companies in America and one of America’s Best Regional Banks.
 
Media Contact:
Alison Skratt, Corporate Communications
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413.769.6007