A Berkshire Bank storefront branch in Boston’s Brighton neighborhood. Photo by James Sanna | Banker & Tradesman Staff

Berkshire Bank announced yesterday that is has increased the funds available through its down payment assistance program for first-time homebuyers. 

Eligible borrowers who are purchasing a home in a qualifying area with a mortgage from the Boston-based, $12.14 billion-asset bank in eligible counties in Massachusetts, New York, Connecticut, Rhode Island and Vermont may now receive down payment assistance of $7,500 toward the purchase price. This program can also be combined with many local, state and federal down payment assistance offerings. 

Berkshire launched its down payment assistance program last fall.

Low- to moderate-income homebuyers – those earning up to 80 percent the area median income or those purchasing a home located in a low-to-moderate census tract – can be considered for the down payment assistance funds, which are in the form of a grant and can be used toward down payment and closing costs.  

“The experience of purchasing a home can be overwhelming and Berkshire Bank’s team of experts help simplify that process to make it as easy as possible,” Berkshire Executive Vice President Ellen Steinfeld Sr., head of consumer lending, said in a statement. “Our enhanced down payment assistance program provides additional resources to help homebuyers achieve the dream of homeownership.”  

Programs are available on a first-come, first-served basis. Borrowers may need to complete a homebuyer counseling course.