The Coastal Bank has been officially approved for two new mortgage loan and down payment assistance programs specifically designed to help low to moderate income mortgage customers.
“These programs offer assistance to help stabilize communities and to help making buying a home easier,” said Pam Brandt, senior vice president and mortgage director at The Coastal Bank. “We’re delighted to provide a wide range of financing options when it comes to buying a home.”
The Community Stability program provides up to $7,500 in down payment and closing cost funding to first-time homebuyers or non-first-time homebuyers for the purchase or purchase and rehabilitation of an existing home in a neighborhood targeted for stabilization by a government entity, special district, or authority.
Funding is provided as a 4-to-1 match, with homebuyers contributing a mandatory down payment of $1,000. The home must also be located in a neighborhood targeted for stabilization by a federal, state or local government entity or any special district or authority.
The Foreclosure Recovery program provides up to $15,000 per homebuyer in down-payment and closing-cost funding for the purchase or purchase and rehabilitation of an existing home from the Real Estate Owned (REO) inventory of a member financial institution. This option can include single family residences, town-home, Fannie Mae and FHA-approved condos and new construction held in a member bank REO inventory. The funding is available to both first-time and non-first-time homebuyers and is provided as a 4-to-1 match with a required $1,000 deposit.
Applicants must be prepared to live in the home for five years and complete the prescribed homebuyer counseling, debt management planning and default prevention programs provided by Credability, a nonprofit credit counseling and education organization. If the buyer sells or refinances the loan within five years, a pro-rated share of the grant must be repaid. After five years, the grant is forgiven.
Income guidelines for program funding are determined per county and family size. Bryan, Chatham and Effingham county income limits are determined by 80 percent of the adjusted median income, which means a one-person household cannot earn more than $33,600 annually to be eligible for funding; or a four-person family cannot earn more than $48,000 annually to be eligible for funding.
To receive funds for the Community Stability program or the Foreclosure Recovery program, individuals must meet eligibility guidelines and apply for funds through a participating member financial institution.
“It is our hope that the Community Stability and Foreclosure Recovery programs will offer additional financing options for our customers and for the community at large,” said Jim LaHaise, executive vice president and chief banking officer at The Coastal Bank. “We are continuing to find new ways for our customers to take advantage of the help that is available.”
For more information, contact Pam Brandt at The Coastal Bank at (912) 201-7360 or via email at email@example.com.