First American Bank & Trust is taking significant steps to make homeownership more accessible for residents of Clarke County, Georgia. During a recent meeting, bank representatives detailed their innovative down payment assistance program, which aims to alleviate financial barriers for potential homebuyers.

The program offers a forgivable loan for down payments, allowing eligible buyers to receive up to 10% of the purchase price or a maximum of $25,000. This assistance is designed to help those who may struggle to save for a traditional down payment. To qualify, applicants must be Clarke County residents for at least one year and meet specific income limits based on the area median income.

A key feature of the program is that the down payment assistance is provided with zero interest and no monthly payments. However, if the homeowner sells the property within the first 20 years, they may need to repay the assistance. After 20 years, the loan is completely forgiven, allowing homeowners to build equity in their property.

First American Bank & Trust has conducted thorough research to understand the housing market in Clarke County, where the median home price is approximately $300,000. They found that many potential buyers would need to earn above the area median income to afford a home at this price, highlighting the necessity of their assistance program.

The bank's proactive approach not only addresses the immediate financial challenges faced by homebuyers but also encourages responsible homeownership by requiring a modest investment from buyers. This "skin in the game" strategy is intended to foster a sense of commitment and responsibility among homeowners.

As First American Bank & Trust continues to implement this program, it aims to empower Clarke County residents to achieve their dream of homeownership, ultimately contributing to the community's growth and stability.