Citizens Trust Bank launches a down payment assistance grant offering $2,000 towards closing costs, opening homeownership to more borrowers
This program provides an alternative for those ready for homeownership, cutting down the time needed to save for a down payment
Most markets are enduring an affordability crisis, and saving for a down payment remains one of the biggest barriers for many potential homebuyers. This is especially true for first-time homebuyers, who are often paying high rents. The combination of record-breaking home price appreciation and rising interest rates means a majority of first-time homebuyers (64%) are putting down less than 20%, and a quarter of first-time buyers are putting down 5% or less and are in need of additional funds for closing.*
The Down Payment Assistance Grant program from
The significant increase in rents and property values has resulted in renters paying high monthly housing expenses, leaving them with insufficient savings for a substantial down payment. Down payment assistance and accessible grants are crucial in reducing obstacles to homeownership for those who qualify.
Some requirements of the Citizens Trust Bank Down Payment Assistance Grant Program include the following:
- Loan must close with
Citizens Trust Bank - Borrower(s) income cannot exceed
$150,000.00 . - Borrower cannot have more than
$25,000 in assets (Checking & Savings Account) - Primary Occupancy only
- Borrower must contribute at least
$500.00 toward transaction. - Homebuyer education certificate required.
- Can be layered with other approved Down Payment Assistance Programs
The Citizens Trust Bank Down Payment Assistance grant will play a crucial role in making homeownership achievable for a wider range of people, stimulating the housing market and community development, all while promoting economic and social well-being.
Interested applicants should call 678.406.4135 to speak with a Citizens Trust Bank Residential Mortgage Loan representative to learn more about the program and determine if it's the right fit for their circumstances.
About
Celebrating over one hundred years in the community,
SOURCE
*
View original content:https://www.prnewswire.com/news-releases/citizens-trust-bank-launches-a-down-payment-assistance-grant-offering-2-000-towards-closing-costs-opening-homeownership-to-more-borrowers-302098155.html
SOURCE