By Nyesha Stone
Those in poverty have a long history of troubles when it comes to trying to receive a mortgage to afford a home. Programs and laws have been put into place to help with this issue, and now Associated Bank has initiated their own program: PATH (Program for Assisting Today’s Home buyer).
PATH is a loan program that assist borrowers purchasing or building a primary residence, according to their press release. Eligible borrowers can receive up to $4,000 from a financial assistance grant from Associated Bank along with the Federal National Mortgage Association (FNMA) for down payments and closing costs. The borrower does not have to repay the grant funds.
The new program is led by Associated Bank’s Multi-Cultural and Affordable Lending team and this is one of the main components of the bank’s efforts to provide its resources to all customers.
Multi-Cultural & Affordable Lending Sales Integration Manager of Associated Bank, LaDonna Reed, says the program officially launched on May 27 of this year. Since it’s only been a few months there’s no real data to show how this program is impacting the community. However, Associated Bank has received positive feedback from its borrowers, according to Reed.
This program was created based off the needs of the community, said Reed.
Associated Bank will not only help with the down payment and closing cost, but they will also help the borrower develop partnerships with nonprofit agencies, realtors and other affinity groups to provide home buyer education, according to their press release.
“We are forging strong relationships with individuals and community organizations within the neighborhoods where we live and work,” said Denise Smith, senior vice president and director of Multi- Cultural and Affordable Lending at Associated Bank in a press release.
Anyone interested in this program can contact any Associated Bank Branch and set up a time to meet with an Associated Bank Loan Officer. The loan officer will be able to tell the potential borrower if they’re eligible for the program and if they are then further steps will be taken.
This program is put into place to give low-income families a better chance at receiving the home they’ve always dreamed of.