Economy
BayCoast Mortgage joins exciting new program, giving homebuyers a lift up
SWANSEA, MA – Buying a home can bring a sense of joy, satisfaction, and accomplishment. But with rising prices in the local housing market combined with today’s uncertain economy, not everyone will have the opportunity to experience the excitement that comes with homeownership. This can be especially true when considering wealth differences in our South Coast community.
That’s why BayCoast Mortgage (baycoastmortgage.com), a leading lender in Southern New England, is proud to announce it is participating in an exciting new program that aims to increase homeownership opportunities throughout our community, with the goal of promoting a more diverse, equitable, and inclusive home-buying environment.
That new program is called Lift Up Homeownership.
Initiated by FHLBank Boston, the Lift Up program provides funding to member financial institutions, including BayCoast Mortgage, to award down payment and closing cost assistance grants of up to $50,000 to people of color including Black/African American, American Indian, Alaska Native, Asian (Native Hawaiian or Pacific Islander), Hispanic, or Latino borrowers earning up to 120% of the area median income (AMI) and are first-time homebuyers.
Lift Up was put in place to address barriers that many people of color face when purchasing a home, including limited savings for a down payment and the racial financial gap that exists in many area cities and towns.
“As part of the BayCoast family, it is our mission to provide exceptional service and financial solutions for our community,” said Nicholas L. Christ, President and CEO of BayCoast Mortgage. “Our partnership with FHLBank Boston will help expand affordable housing opportunities in the South Coast communities we serve by offering critical down payment and closing cost assistance. We’re proud to assist our neighbors as they pursue homeownership and the American Dream.”
A total of $500,000 is available through Lift Up Homeownership, which is a purchase-only program for one-to-four unit properties located in New England. Grants will be available on a first-come, first-served basis.
For further details about the program and to learn if you may qualify, please call BayCoast Mortgage at 877-466-2678 or visit our website at baycoastmortgage.com.
About BayCoast Mortgage
BayCoast Mortgage Company, LLC is a wholly owned subsidiary of BayCoast Bank, serving MA, RI, CT, NH, PA, NJ, MD, VA, SC, NC, and FL, offering a wide variety of home mortgage products, including FHA, VA, Land, Construction, Conforming and Jumbo Loans. Visit baycoastmortgage.com or call 877-466-2678.
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RedPilled
May 15, 2024 at 1:06 pm
I wonder how many people of color work for Baycoast Mortage?
Fed Up
May 15, 2024 at 1:44 pm
Whites need not apply! BayCoast participates in discrimination who would so business with them?
RedPilled
May 15, 2024 at 3:28 pm
Even poor whites who would love to buy a house.
Steven TS
May 15, 2024 at 4:00 pm
I Agree It Should Be Only For POOR Or Low Imcome Buyer’s Who CAN’T Afford to Buy A House for Themselves Otherwise,REGARDLESS Of One’s Ethnicity,Race,Sexual Orientation,Age Or Skin Color.IF You’re Denying Poor Ethnic Whites, Latinos & Mixed People. It’s STILL Discrimination! I Don’t Give A Flying FUCK What The Government & ReaL Estate Agents Say!
Steven TS
May 15, 2024 at 4:02 pm
Upper Middle Class & Wealthy White’s Need NOT Apply*.
Barrack Warren
May 15, 2024 at 4:44 pm
This is a good start, but the program should also offer property tax and utility adjustments of $1 a year for all POC to account for intergenerational wealth.
Karen
May 15, 2024 at 6:42 pm
Isn’t white a color? Reverse discrimination imo. My son who is a hardworking (started cleaning cages in a Vet office at 14 y/o and is now a trained vet tech), born in America white man would also love to be able to buy his first home at 32 y/o. He will not be afforded this wonderful opportunity. This is outrageous.
James Madison
May 15, 2024 at 7:10 pm
Discrimination on the basis of race is likely to cause more harm than good.
Addressing poverty where it is would have a better impact on more people, and thus would support the racial groups here as well as other folks not in these groups.
Participation in discrimination is abhorrent with or without intention.
BayCoast and other local banks should reconsider participation or should encourage the financial institution to address this issue.
Bob
May 15, 2024 at 7:53 pm
Real estate people cannot discriminate on race, it’s against federal law, how are you able to do it, doesn’t sound right
Stephanie
May 15, 2024 at 8:24 pm
I agree whites always get kicked. That’s not right .everyone should be able to apply.
Cynthia
May 20, 2024 at 6:36 pm
Discriminate much?