Neenah, Wis. (March 28, 2014) – First National Bank – Fox Valley (FNB Fox Valley) is pleased to announce its participation in the Federal Home Loan Bank of Chicago’s (FHLBC) Downpayment Plus Program® (DPP®). This program provides down payment and closing cost assistance to low and moderate-income households for the purchase of a home.
The funding assistance is only available from FHLBC Member financial institutions in the form of a forgivable grant that is forgiven over a five year period, with a maximum grant amount of the lesser of $8,000 or 25% of the first mortgage loan amount.
To qualify, borrowers must have an annual income at or below 80% of the median income of the county in which the property is located. This income amount is based on household size per the DPP Income Calculation Guidelines. Borrowers also must contribute $1,000 of their personal funds to the purchase transaction, and complete a Homebuyer Counseling Program prior to receiving grant funds.
“We’re very excited to have the opportunity to offer the Downpayment Plus Program again in 2014,” says Drew Bodway, Assistant Vice President of Mortgage Banking. FNB Fox Valley has offered the DPP grant since 2011. “This grant is a great benefit that can help people right in our community get into their dream home!”
Downpayment plus funds are available on a first come, first serve basis and will remain available until the end of the calendar year, or until the annual DPP allocation is exhausted.
About FNB Fox Valley:
Established in 1887, FNB Fox Valley is one of the oldest banks in the Fox Cities. The privately held community bank offers a full array of retail, mortgage and commercial services and products. FNB Fox Valley offers full service banking to businesses and residents throughout the Fox Valley, including: advanced online banking options, customized lending to meet the client’s unique needs as well as treasury and cash management services. With approximately $360 million in assets, FNB Fox Valley has 78 employees and operates in Neenah, Menasha, Oshkosh and Appleton. For more information, visit: https://www.fnbfoxvalley.com.