Jax Federal Credit Union offers grant to help first-time home buyers – The Florida Star
JACKSONVILLE, Florida – July 19, 2022 – Jax Federal Credit union today announced that first–time home buyers can receive up to $7,500 in to agree funding at to help they buy a house. Through a partnership with the Federal Home Loan Bank of Atlanta, eligible first–time home buyers can use the funds to to help with a down payment, closing costs, advice or rehabilitation assistance in connection with the purchase of an existing home.
“Homeownership is an important step in establishing long-term financial stability,” said Joy Bing, Jax Federal Credit union‘s Senior Vice President of Loans. “We are proud to be associated with the Federal Home Loan Bank of Atlanta for providing our community with the opportunity to receive this important to agree.”
Jax Federal Credit union has served Northeast Florida since 1935 and supported first–time home buyers throughout its history. The maximum grant of $7,500 represents an increase from previous years. Before 2021, eligible first–time home buyers were limited to a maximum grant amount of $5,000. With today’s competitive real estate market and inflated prices, this additional support comes at a critical time. time.
To be eligible, a first–time the homebuyer must have a family income at or below 80% of the median family income as defined by the US Department of Housing and Urban Development. Borrowers must also make a minimum down payment contribution of $1,000. Eligible properties include 1-4 unit family residences, townhouses, condominiums, co-ops and manufactured homes deeded as real estate.
For more information on Jax Federal Credit unionvisit jaxfcu.org/mortgages.