Peach State Bank & Trust announced Monday it has qualified for a federal loan program for first-time homebuyers.
The bank, based in Gainesville, will be able to provide grants for a mortgage downpayment that does not have to be repaid for income-qualified applicants who stay in their new home for five years or more, according to a press release.
“With the rising cost of housing in the Gainesville-Hall County area, the downpayment assistance program provided by Peach State Bank will help first-time homebuyers reach their dreams of home ownership,” Terry Baker, executive vice president of the bank said. “We are pleased to be part of the solution for affordable housing in this region.”
Peach State applied for the assistance program through the Federal Home Loan Bank of Atlanta. It is the only approved lender in Gainesville's 30501 zip code.
Approval for the program is based on household income and the number of family members. Income limits start at $49,112 for a one-person household and reach up to $92,611 for eight or more household members. Qualified first-time homebuyers can receive up to $12,500 toward a downpayment, including closing costs.
The program also includes assistance for qualifying community partners, such as law enforcement officers (current or retired), educators, healthcare workers, firefighters and other first responders, military veterans and their surviving spouses and COVID-related essential workers. The grants for downpayment assistance range up to $15,000 and do not require a first-time home purchase.
“As long as the qualifying applicants for these two federal programs remain in their new home for at least five years, then the downpayment does not have to be repaid,” Baker said. “That is a helping hand that directly addresses affordable housing in our community, particularly in this inflationary economy.”
For more information, contact the Peach State Bank mortgage department at (770) 536-1100. Interested applicants can also visit the bank's new location at 121 E.E. Butler Parkway.
