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
*Subject to availability of funds.
**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.