By Jasmine Browley ·Updated April 5, 2024
This financial institution wants to help remove the barrier for aspiring homeowners.
Citizens Trust Bank Residential Mortgage Division recently announced its Down Payment Assistance Grant Program, an initiative that is offering eligible applicants a $2,000 grant for down payment and closing cost assistance.
Depending on which state you live in as well as the area, the closing costs can range as high as $10 for every $1,000 worth of value in some places.
“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,” a new release from Citizens Trust says.
As previously reported by ESSENCE, a recent report from Zillow, just 7.8% of Black families were income-ready for a mortgage, compared to 12.5% of white families — a gap of 4.7 percentage points. This gap has closed significantly since it stood at 7.9 percentage points since 2012.
Interested applicants should meet the following requirements for the program:
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.
“For those who have been held back by the upfront costs associated with homeownership, down payment assistance, especially toward closing costs can help to lower the barrier to entry and make the dream of owning a home a reality,” said Citizens Trust Bank Residential Mortgage Operations Manager, Yulanda Munford in a news release.
The post Buying A Home? This Bank Wants To Give You Free Money For Your Closing Costs appeared first on Essence.
