Atlanta-based Citizens Trust Bank has launched its Down Payment Assistance Grant Program for eligible homebuyers seeking affordable housing opportunities.
According to the bank, borrowers can receive a maximum of $2,000 grant contribution at the residential mortgage loan closing. To qualify, borrowers must have a loan with Citizens Trust Bank and cannot have an income greater than $150,000. The borrower cannot have more than $25,000 in assets and must contribute at least $500 toward the transaction. The loan must be for a primary occupancy property and the funds can be layered with other approved down payment programs. A homebuyer education certificate is also required.
“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.