Jump to Content
ABA: The American Bankers Association
Skip Section Navigation

First-Time Homebuyer Plus

Thomaston Savings Bank - Thomaston, CT

2022 Community Committment Awards Submission

  • Affordable Housing
  • Asset Size: Small

As the housing market continues to disadvantage consumers and trap individuals and families in a renting cycle, Thomaston Savings Bank remains dedicated to providing customers with resources to meet their financial goals. The Banks efforts can be seen in its ongoing commitment to making homeownership more attainable in low- and moderate-income (LMI) areas and for LMI individuals. The Bank has implemented programs to reach a greater number of applicants looking to purchase their first homes. Thomaston Savings Bank's First-Time Homebuyer program offers a reduced rate, low down payment of 3%, alternative and flexible underwriting guidelines and no PMI requirements.

In the past year, it became evident that the program, while robust and reaching many individuals, was missing a large segment of LMI customers looking to purchase a home outside of LMI census tracts. With the benefits of living in higher income areas, the Bank recognized this need and took action in assisting these individuals in bettering their living situation. To that end, Thomaston Savings Bank added the First-Time Homebuyer Plus program which allows LMI borrowers to purchase in any of the towns that are included in the Bank's assessment area, including those outside of its LMI communities, with the same benefits of the First-Time Homebuyer program.

Taking their assistance a step further, Thomaston Savings Bank launched an Internal Down Payment Assistance Program in conjunction with the First-Time Homebuyer programs. This down payment assistance program offers financing for the minimal down payment requirement up to 3%, essentially allowing approved borrowers the ability to finance 100% of their home.