Down Payment Assistance Program
Let us help you open the door to homeownership!
Your Path To Homeownership Starts Here
Taking that first step into homeownership is exciting, but it can also feel a bit overwhelming. We’re here to make it easier! Our Down Payment Assistance Program can provide you with up to $80,000 to help you purchase your home.
Here’s how we can help homebuyers:
- Less to save upfront: We know saving for a down payment can be tough. We can help with your down payment, making it easier to get started.
- Boost your buying power: With 20% down and up to $80,000 in assistance, you’ll have more options to find the perfect starter home, make a stronger offer, and potentially reduce your overall borrowing costs.
- Own your home sooner: We’re here to help you achieve your goals faster.
- Local support, local lending: This program is designed specifically for homebuyers living in Fannin, Union, and Gilmer counties in Georgia, and Polk County, Tennessee.
Program Details
The assistance can cover:
- Down payment
Things to keep in mind:
- The funds can’t be used for repairs
- You won’t be able to take cash out at closing
Things you’ll need to qualify:
- Credit score above 580
- Debt-to-income ratio (DTI) 50% or less
- CBFCU checking account with direct deposit
- Have no other homes in your name – If so, you must have a valid contract for sale and close on the same day.
Important notes:
- You’ll need to live in the home you’re buying
- The loan can’t be more than $400,000
- The home must be in qualifying census tracts in the following counties:
- Georgia: Fannin, Union, and Gilmer counties
- Tennessee: Polk County
First-Time Homebuyers: You’ll need to complete a homebuyer education program at least 15 days before closing