Member News — Lakeland Bank Announces Buyers Advantage Subsidy Program
June 25th, 2018
Lakeland Bank is pleased to announce the implementation of its Buyers Advantage Subsidy program in connection with American Housing Month. The purpose of the program is to provide eligible participants with up to $5,000 for assistance with the down payment and closing costs associated with the purchase or refinance of a home.
“Lakeland Bank recognizes the financial challenge that some consumers face when trying to purchase a primary residence and is dedicated to helping people buy a home,” said Laura Ferraro, SVP, Lakeland Mortgage. “We believe homeownership is the path to improving the quality of life in any community, especially those neighborhoods located in low and moderate income tracts.”
The Buyers Advantage Subsidy program is open to eligible borrowers purchasing or refinancing a property located in a low or moderate income census tract within one of Lakeland Bank’s assessment areas. To be eligible, the borrower must have an income of 100% or less of the area median income for the subject property residence–adjusted for household size. The eligible property must be a 1-4 family dwelling, condo, attached or detached, and be the borrower’s primary residence. Additionally, eligible borrowers are required to complete a homeownership counseling program if all of the borrowers are considered first-time homebuyers.
Throughout the month, Lakeland will provide a variety of resources to help educate consumers on the issues and options of housing. These materials will be available at LakelandBank.com as well as the Bank’s social media channels and will cover topics such as homeownership in the digital age, tips to save for a down payment, mistakes to avoid when purchasing a home, and the pros and cons of paying off your mortgage.
Several other Lakeland Mortgage programs are eligible for pairing with the Buyers Advantage Subsidy including Welcome Home Loan, HomeReady® and FHA programs. Additionally, borrowers may also be able to layer other grants, subsidies, and down payment assistance with the Lakeland Buyers Advantage Subsidy. Lakeland Mortgage is a Division of Lakeland Bank.