Banque Mercantile commits $ 250,000 to a homebuyers assistance program
A local bank invests $ 250,000 to support affordable homeownership opportunities.
The Grand Rapids-based Mercantile Bank of Michigan said last week it pledged to fund $ 250,000 in its Additional Credit Homebuyer Assistance Program to provide first-time homebuyers eligible home up to $ 3,000 which can be applied towards loan closing costs as well as homeowners’ insurance and taxes. whether certain conditions for income eligibility or the location of the property are met.
The upfront costs associated with buying a home are often a big hurdle for potential buyers, especially those with low to moderate incomes, Mercantile said. The Supplemental Credit Program is designed to provide resources and support for those in need of assistance, as well as those purchasing a home in a low to moderate income geographic area.
“It’s important that we help reduce barriers to homeownership. By helping pay some of the upfront costs through our Supplemental Credit Program, we hope to help make home ownership accessible to more people in our communities, ”said Scott Setlock, Senior Vice President of Mercantile Bank and Head of the Mortgage and Consumer Loans Department. “Plus, this program will help free up buyer’s equity for down payments, to make the dream of owning a home more achievable.”
Attendance at Home Buyers’ Courses is required to be eligible for the program. Mercantile Bank said studies show that courses that provide homeownership advice, such as budgeting, finance, and tips for improving credit scores and general savings, help create a more successful home buying experience.