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Callaway Bank offers home ownership grants

Callaway Bank offers home ownership grants

August 22nd, 2013 by Elyssa Mann in News

Local rural home buyers may have a second chance at obtaining a grant toward covering down payments and closing costs on new homes.

The Callaway Bank has received $15,000 in grant money from the Federal Home Loan Bank of Des Moines to aid first-time home buyers. This is the second year the bank has received the grant.

An applicant can be awarded up to $2,500, with up to $1,000 extra supplemented by the bank. The bank will give up to six grants.

To receive grant assistance, applicants must be first-time buyers and meet several requirements. Because the grant is intended to assist middle- to lower-income families, an income limit is in place. For a one- to two-person household, income must not exceed $47, 760, and for a household of three or more the must not exceed $54, 920.