Home buyers who face the challenge of covering the upfront costs involved with buying a home may be eligible for a grant up to $2,000 through The Callaway Bank. The bank has combined a grant they received from the Federal Home Loan Bank of Des Moines with their own funds to create the program for buyers with low to moderate incomes.
“People are often surprised by the additional costs involved in buying a home in addition to the house itself,” said Rick Gohring, Callaway County Market President. “There are upfront expenses such as inspections and title insurance that add an extra burden, especially to people with modest incomes. They’re working to improve their life and build equity, and this grant helps them get established.”
This is the second time since 2013 that the bank has offered the program and hopes to make it an ongoing program to the community. The first round of grants offered by the bank went to six Mid-Missouri homeowners, including a local fireman and teacher. The grant funds can be used to pay for the expenses that come with buying a home, including appraisals, title insurance, inspections, and the down payment.
The grants are available to buyers with low to moderate incomes in the Callaway County and Boone County areas. Applicants cannot exceed certain income criteria, and homes must meet certain requirements based on type and value. Other requirements may also apply based on restrictions set by the Federal Home Loan Bank.
“Helping our clients reach their goals of home ownership is something special that we enjoy being a part of,” said Gohring.
The pool of funds available is limited and are expected to be used by the end of 2015. Those interested in seeing if they qualify should contact a lender at The Callaway Bank for full details on requirements and how to apply.