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Chelsea Groton Bank Selected to Participate in Equity Program

Chelsea Groton was selected to once again participate in the Federal Home Loan Bank of Boston’s (FHLBB) Equity Builder Program. Through this program, Chelsea Groton is able to work with first-time homebuyers to receive up to $15,000 in down payment assistance. 

“Chelsea Groton has always been committed to meeting customers where they are and exploring all possible financing options to help them achieve their dream of homeownership, while making good fiscal sense for their future,” shared Mike Sheahan, EVP, Director of Retail Lending. “Being able to offer grants through the FHLBB Equity Builder Program, as well as lending options through other home buyer programs, enabled us to help 164 first-time homebuyers’ dreams become a reality last year. We look forward to assisting even more potential homeowners in the year to come.”

In addition to the grant available through the FHLBB Equity Builder program, Chelsea Groton offers the Community Heroes Homeownership Program developed in partnership with mortgage insurance partners which allows households who have at least one loan applicant employed as a full-time or part-time EMT, firefighter, paramedic, police officer, nurse or teacher (K-12) to purchase a home with only a 1% down payment requirement, and up to $500 off closing costs.  The Bank also offers other lending products for homebuyers through the Veterans Administration, CT Housing and Finance Authority (CHFA), Federal Housing Administration (FHA), US Department of Agriculture (USDA) and down payment assistance and grant programs, including HDF SmartMove and CHFA DAP.

Please visit , call 860-448-4174, or stop in to a branch for more information.