Bank of Canton Partners with MassHousing on Purchase and Rehabilitation Program

October 8, 2009 – Stephen P. Costello, President and CEO of Bank of Canton, is pleased to announce the Bank has agreed to participate in the Massachusetts Housing Finance Agency’s (MassHousing’s) Purchase and Rehabilitation Program. Bank of Canton will be an active lender in this loan program geared at helping first-time homebuyers looking to purchase a home in need of repair. The program can assist with most repairs that will improve the safety and utility of one-to-four family properties.

“A Purchase and Rehabilitation loan is a terrific way to improve the basic livability of a property and to make a house a true home,” said Thomas Gleason, Executive Director of MassHousing. “Bank of Canton has been extremely active in helping MassHousing achieve its goals and we’re excited to have them participating in this program. We thank them for their ongoing support in helping Massachusetts residents realize the dream of homeownership.”

“We’re thrilled to be an active lender for MassHousing’s Purchase and Rehabilitation Program and to further our commitment to making affordable home mortgages available to first-time homebuyers in Massachusetts,” said Mr. Costello. “These loans help homeowners cover the costs of purchasing and rehabilitating a home in need of repairs and, as a result, help heal and strengthen communities and neighborhoods throughout the state.”

Rehabilitation costs include the amount required to pay for repairs, as well as other allowable expenses including inspection and title update fees. The minimum rehabilitation amount is $7,500 for all property types, and all rehabilitation work must be completed by a licensed contractor.

At the time of the loan closing, the borrower will be responsible for the full mortgage payment on the total principal amount. For more information about the Purchase and Rehabilitation Program, please call Bank of Canton at 888.828.1690.