Iberiabank to provide additional $1 million for homeownershipStaff Writer | October 17, 2016
Iberiabank, 129-year-old subsidiary of Iberiabank Corporation, said that an additional $1 million in down payment and/or closing costs assistance to qualified clients will be funded through the Iberiabank Subsidy Program (ISP).
Banking The Iberiabank Subsidy Program
Iberiabank Corporation is a financial holding company with 304 combined offices, including 199 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 69 locations in 10 states.
The ISP program is designed to provide funding to qualified clients buying homes through Iberiabank in designated markets, which include most major markets in Birmingham, Alabama; Little Rock, Arkansas; Fayetteville, Arkansas; Jonesboro, Arkansas; Dallas, Texas; Houston, Texas; New Orleans, Louisiana; Lafayette, Louisiana; Memphis, Tennessee; Atlanta, Georgia; Fort Myers, Florida; Naples, Florida; Orlando, Florida; and Sarasota, Florida.
Grants of up to $4,000 will be given to each qualified client transaction in the Company's designated service areas. The grants will be administered through local, non-profit partners.
Borrowers may qualify for up to $2,000 if their income does not exceed 80% of the median income as determined by the 2016 FFIEC (Federal Financial Institutions Examination Council) MSA median income for the property location.
Borrowers may also qualify for up to $2,000 if they purchase a primary residence located in a low or moderate income census, as determined by the 2016 demographic median income of the FFIEC geocoding website.
Borrowers that meet both qualifying standards are eligible for subsidy amounts up to $4,000. ■