SAVANNAH, GA, May 29, 2010
/24-7PressRelease/ -- The Coastal Bank, a leading community bank headquartered in Savannah, recently received approval to participate in Federal Home Loan Bank of Atlanta's new First-Time Homebuyer Program (FHP), which provides up to $7,500 in down payment and closing cost assistance to qualified buyers. The bank is the first financial institution in the greater Savannah area to receive approval for this exciting new program.
"This is a great program that will benefit many area residents looking to buy a house," said Pam Brandt, senior vice president and mortgage director at The Coastal Bank. "This program comes right on the heels of the government's first-time homebuyer tax credit, which recently expired. We encourage our customers in Savannah, Pooler, Hinesville and Rincon to learn more about this excellent new program, which is only available through qualified banks and is not offered through mortgage companies."
First-Time Homebuyer Program awards are distributed to eligible homebuyers on a first-come, first-served basis. The funding cycle began on April 19, 2010; funds are available until December 31, 2010 or until the allocation has been exhausted. FHP funds can only be used to finance select mortgage products. The maximum award is $7,500 per household, which includes up to a 5-to-1 match of First-Time Homebuyer Program funds to homebuyer funds.
In order to qualify, households must have an income at or below 80% of the adjusted mean income, adjusted for family size, for the Savannah metropolitan area. Homebuyers must contribute at least $500 to the closing and be the owner-occupant of the home.
"The Coastal Bank is proud to help low-income families achieve their dream of home ownership," said Tom Wiley, chairman, president and CEO of The Coastal Bank. "This is another important way we can help our Bank on Savannah customers achieve financial success. We're thrilled to offer a solution that other area banks simply don't provide."
FHP candidates are required to complete a special homebuyer counseling, debt management planning and default prevention program provided by Consumer Credit Counseling Services of Savannah.
"We are excited to partner with The Coastal Bank and to bring more home ownership opportunities to our community," said John Wills, president of Consumer Credit Counseling Services of Savannah. "This program will help make it possible for more people to become homeowners, increase assets and build wealth."
Owner-occupied primary residences are eligible for FHP funding. Eligible properties include single-family homes, condominiums, townhomes, foreclosed properties, mobile housing and new construction. The FHP may be used in conjunction with other programs.
"Customers will be quite impressed by this new program," said Brandt. "The funds can be used towards fixed-rate mortgages and certain adjustable rate mortgages. In today's economy, the First-Time Homebuyer Program provides a golden opportunity for new homeowners."
For more information about the First-Time Homebuyer Program, please call The Coastal Bank at (912) 201-4934.
ABOUT THE COASTAL BANK:
Locally owned and operated, The Coastal Bank provides a full range of financial services, specializing in small business, consumer banking and real estate lending. Headquartered on Johnson Square in Savannah, this successful community bank has been serving the greater Savannah area since 1954. The Coastal Bank has an operations center in Pooler and branches throughout coastal Georgia. For more information about The Coastal Bank, please call (912) 201-4934 or visit http://www.thecoastalbank.com online.
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