Grants help those looking to buy a home
Lake Bank customers looking to buy a home can now get a leg up with some free money.
The Federal Home Loan Bank of Des Moines awarded The Lake Bank $15,000 in grants designed to help those purchasing their first home.
"The point of this program is to put back into the community," said Angie Costley, mortgage banker.
The bank can award up to $2,500 to each applicant, and the money can be used to help cover a down payment, closing costs, counseling or rehabilitation of the property. Costley said it's designed to make home ownership more accessible to everyone.
"This is allowing for maybe a younger couple starting out to be able to (buy a home)," she said.
To be eligible, the buyer must take out a mortgage at The Lake Bank and meet the income requirements. A one- to two-person household must make less than $59,000 and the household income of a family of three or more must be below $68,000.
The customers must be buying a primary home, but other than that, the grants will be given out on a first-come, first-served basis.
Each year, FHLB Des Moines returns 10 percent of its net income to communities throughout its district. The Lake Bank has received the grants before, and Costley said it's always a popular program.
President Peter Jeronimus said the grant is a welcome relief for a lot of first-time home buyers.
"It's so hard to get into that first house," he said.
The grants are available now. For more information, contact Angie Costley at 834-8602.