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Citizens Trust Bank launches a down payment assistance grant offering $2,000 towards closing costs, opening homeownership to more borrowers
Citizens Trust Bank launches a down payment assistance grant offering $2,000 towards closing costs, opening homeownership to more borrowers.
About this update from Citizens Bancshares Corp.
[{"type":"text","content":"\n\n\n\nCitizens Trust Bank launches a down payment assistance grant offering $2,000 towards closing costs, opening homeownership to more borrowers\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCitizens Trust Bank launches a down payment assistance grant offering $2,000 towards closing costs, opening homeownership to more borrowers\nPR Newswire\nATLANTA, March 25, 2024\n\n\n\nThis program provides an alternative for those ready for homeownership, cutting down the time needed to save for a down payment\nATLANTA, March 25, 2024 /PRNewswire/ -- Citizens Trust Bank Residential Mortgage Division announced its Down Payment Assistance Grant Program to allow eligible homebuyers to overcome the financial barrier of making a substantial down payment when purchasing a home. This grant is being offered for affordable housing opportunities. With $2,000, borrowers who qualify can now reduce the time needed to save for a down payment and provide another option for those who are otherwise ready to take on homeownership. This funding will be used to help households with a maximum of $2,000 grant contribution at the residential mortgage loan closing.\n\nMost 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.*\nThe Down Payment Assistance Grant program from Citizens Trust Bank reduces the financial requirements of down payments that potential home buyers face in the current housing market. \"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...