Bangor Savings Bank is Top MaineHousing Lender
May 07, 2013
In 2011, Maine’s largest community bank financed 183 home mortgages through MaineHousing’s First Home Program
BANGOR, ME – According to recently released 2011 data from MaineHousing, Bangor Savings Bank was the lead lender for the year, providing 183 of the 795 total MaineHousing loans given to qualified buyers. These 183 loans totaling $23.5 million represent 24% of the nearly $97 million in loans issued through MaineHousing.
“Part of our mission at MaineHousing is to make owning a home a reality for low to moderate income residents. Through our First Home program last year, we were able to help 795 Maine families obtain affordable mortgages. Bangor Savings Bank has dominated the lender list for the last four years, and we’re very grateful for their partnership and high level of participation,” said Peter Merrill, Acting Director of MaineHousing.
Under MaineHousing’s First Home Program, eligible first-time homebuyers and active duty military and veterans can secure low down payment and fixed, competitive interest rate mortgages to purchase single family and mobile homes. Qualified borrowers also can access special options like closing cost assistance and additional funding to make home improvements. The buyers must meet income guidelines, and borrowers using the Advantage option to help with closing costs and/or down payment must complete a hoMEworks homebuyer education class prior to loan closing.
“The benefits of owning a home are great, whether it’s from a financial or quality of life perspective. Bangor Savings Bank is committed to helping Maine people get into their own homes, and our involvement with MaineHousing’s First Home Program has helped deserving families across the state realize this dream,” said Jim Conlon, President and CEO of Bangor Savings Bank.
Bangor Savings Bank has been the top lender of MaineHousing loans every year since 2008, issuing 750 mortgages in four years. Even with the downturn in the economy and housing market, the Bank has steadily increased the rate of its lending – from underwriting 17% of all MaineHousing loans in 2008 to 24% of the loans issued last year.