Neenah, Wis. (March 9, 2015) – 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 (like FNB Fox Valley) in the form of a forgivable grant that is forgiven over a five year period, with a maximum grant amount of the lesser of $6,000 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 excited to have the opportunity to offer the Downpayment Plus Program again in 2015,” says Brian Julius, Vice President & Mortgage Sales Manager. FNB Fox Valley has offered the DPP grant since 2011. “It’s great to have these funds available to help make a new home buyer’s purchase process a little easier.”
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 $430 million in assets, FNB Fox Valley has 81 employees and operates in Neenah, Menasha, Oshkosh and Appleton. For more information, visit: https://www.fnbfoxvalley.com .