Homebuyer ProgramFirst-Time Homebuyer Program
Here at Bank of McKenney, we understand that finding the right financing plan is as important as finding the right home.
The first-time homebuyer program includes the offering of a grant from the Federal Home Loan Bank of Atlanta to assist first time homebuyers with the funds needed for down payment and closing costs.
To help you get started on solid footing, Bank of McKenney can assist first-time homebuyers in accessing matching funds for the down payment and closing costs incurred when purchasing a home. For every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $5,000. Funding is available to qualified first-time homebuyers. *
In addition to meeting income eligibility requirements, the homebuyer must:
- Contribute at least $1,000 toward the purchase of the home
- Occupy the home as a primary residence for at least five years
- Complete a homebuyer education and financial literacy course (course determined by FHLBank Atlanta)
Bank of McKenney prides itself on providing accessible and feasible financial resources and mortgage products to first-time homebuyers. Please contact one of our loan officers to determine if you are eligible for First-time Homebuyer funding and to begin your application process.
- Lorraine Lester or Holly McCaffity, Loan Officers
- 6300 River Road
- South Chesterfield, VA 23803
- Mortgage Department – 804.590.9939
*First-time Homebuyer Product is a product of the Federal Home Loan bank of Atlanta’s Affordable Housing Program Implementation Plan. Household income restrictions and other requirements apply.