First-time homebuyers looking to get $10,000 in assistance on their home purchase can turn to First National Bank of Middle Tennessee.
First National launched the First Neighborhood Loan Program on Monday in partnership with an organization called Affordable Housing Resources.
The program gives qualifying, first-time homebuyers who originate their loan through First National a $10,000 check at the time of closing.
“This is a way for us to help create affordable housing,” said First National president and CEO Pieter van Vuuren. “We feel like this is a great investment to help people in the counties where we do business. It’s already been extremely popular. We just started on Monday and we already have four scheduled to take advantage of it. The program will be available until funds are gone.”
Van Vuuren says First National wrote a $540,000 check to Affordable Housing Resources, a not-for-profit organization in Nashville. He says families who meet income limits will be written a $10,000 check at the time of closing and that’s their reward money.
Van Vuuren said income limits vary based on size of family and county. There are 50 rewards of $10,000 remaining until funding is exhausted. First National could decide to continue the program with more funding in the future.
Launching the assistance program, van Vuuren says, is thanks to the vision of the First National board of directors, which determined it would be a great benefit to Warren County and surrounding areas.
More information can be gained online at www.fnbmt.com.