Military Appreciation Month
Chelsea Groton Bank MAY 2016

Mutual Matters



Supporting Our Veterans As They Achieve Their Dreams

The month of May is known nationally as Military Appreciation Month. Since 1999, this designation has served to ensure the nation was given the opportunity to publically demonstrate their appreciation for the sacrifices and successes made by our service members past and present.

Chelsea Groton Bank offers Veterans Administration (VA) loans, one of many affordable lending programs participated in by the Bank, in an effort to provide a variety of lending options to people with a wide range of financial needs and situations. Through the Bank's partnership with the Federal Home Loan Bank of Boston (FHLBB), and participation in the VA loan program, Chelsea Groton Bank was able to help a long-time customer and veteran, Mr. Boisvert, achieve his dream of homeownership.

Mr. Boisvert was interested in purchasing the home he currently was renting. While he had no debt, he also had no credit since he always paid for purchases with cash. His main sources of income were his military pension and disability.

One of our lenders, Marta Amor-Baker, worked closely with Mr. Boisvert to determine acceptable forms of alternative credit and to help him obtain a purchase and sales agreement. Marta determined he did not have sufficient funds to purchase the house and cover closing costs, but thought he may qualify for the FHLBB Equity Builder Program (EBP) grant. Mr. Boisvert attended credit counseling with Catholic Charities of Norwich and was subsequently granted the full amount of funds needed for his down payment and closing costs through the EBP grant. He also qualified for a VA loan for his mortgage.

Mr. Boisvert successfully lowered his monthly payment, including the costs of taxes and insurance. In addition to saving money each month, he gained the benefit of a tax deduction. Most importantly, he has the pride and security of owning a home of his own.

Chelsea Groton Bank is proud to support veterans like Mr. Boisvert, who have given so much of their time and themselves to their country, to achieve the dream of homeownership. Be sure to thank a veteran this month!

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