Jonesville, VA— Powell Valley National Bank (PVNB, Bank) is pleased to announce its participation with the Federal Home Loan Bank of Atlanta’s First-Time Homebuyer Program and Community Partners Product Program. The program provides funding assistance to consumers with down-payment proceeds and closing costs associated with a new home purchase.
Buying a home is an important milestone in a person’s life, and Powell Valley National Bank understands that finding the right financing plan is as important as finding the right home. In helping to form that strong foundation, PVNB can assist first-time homebuyers in accessing matching funds for the down-payment and closing costs associated with a new home purchase.
For every $1 contributed by the borrower towards their new home purchase, the borrower can receive $4 in matching funds, up to a maximum limit of $5,000. Funding is available to qualified first-time homebuyers.
PVNB is also pleased to announce special financing opportunities for current and retired law enforcement officers, educators, healthcare workers, firefighters, and first responders who are purchasing a new home. Funding is available to assist with down-payment funds, closing costs, and rehabilitation costs incurred when purchasing a new home. For every $1 that community partners contribute towards a new home purchase, a borrower can receive $4 in matching funds up to a maximum limit of $7,500.
A borrower’s income must be less than or equal to 80 percent of HUD median income for the area and adjusted for family size to be eligible for available funds.
Funds are available on a first-come, first-serve basis.
In addition to meeting income eligibility requirements, homebuyers must also contribute a minimum of $1,250 towards the purchase of a new home, occupy the home for a minimum of (5) years, and complete a homebuyer education and financial literacy course specified by the FHLB Atlanta.