NASHVILLE, Tenn. (TN Tribune) – FirstBank Mortgage has announced it will provide an additional $500,000 in down payment assistance to qualified borrowers as part of its Borrower Benefit program. The program, which launched in 2019 with $1 million, is intended for borrowers purchasing a single-family, primary residence in low- to moderate-income areas within FirstBank’s lending footprint. Funds are available for 5 percent of the loan amount, up to a maximum of $5,000, for the use of a down payment and/or closing costs. The down payment assistance funds will have no interest rate and no associated monthly repayment terms. “We are proud to support our community by providing financial assistance to families who are looking to purchase a home,” said Jeremy Davis, Director of FirstBank Forward. “Home ownership is more than just a place to live and can truly change the trajectory for a family by creating an avenue for generational wealth. Our team is pleased to expand our funding of the Borrower Benefit program to help eliminate as many financial barriers to home ownership as possible.” The program funds are available to customers in select counties within FirstBank Mortgage’s footprint. The FirstBank Borrower Benefit program is part of the FirstBank Forward community reinvestment initiative that provides support for families in the affordable housing market through lending, education and investment. For details regarding the FirstBank Borrower Benefit program, contact your local FirstBank Mortgage banker. For more information about FirstBank Mortgage’s community initiatives, visit https://fbmortgageloans.com/firstbank-forward/.
