WYOMISSING — Tompkins Community Bank has announced that it is part of the 2024 Homebuyer Dream Program.
Offered through the Federal Home Loan Bank of New York, the program provides up to $20,000 in funding to assist eligible low- and moderate-income homebuyers with the acquisition of their first home.
“As a community bank, helping the people and areas that we serve thrive is at the heart of everything we do,” Vicki Ide, vice president, residential mortgage lending manager for Tompkins, said in a statement. “Purchasing a home is a big personal milestone and one with several benefits, including wealth accumulation and stability. It is our honor to be a part of that process.”
The Homebuyer Dream Program, according to Ide, can help to improve access to homeownership opportunities and remove potential hurdles with down payment, as well as closing cost assistance.
To qualify for the 2024 Homebuyer Dream Program, borrowers must be a first-time homebuyer, have a household income at or below 80% of the Area Median Income for the county in which the home will be purchased, and be in good standing with the Federal Home Loan Bank of New York. Awardees will also need to complete a homeownership counseling program.
The $20,000 grant includes $19,500 toward down payment and closing cost assistance, and $500 toward the cost of homeownership counseling, according to the program’s website.
Tompkins will assist its customers as they move through the application process, the bank said in a press release. Applications are open through Aug. 20, or until funds are exhausted.
Founded in 1836, Tompkins Community Bank serves the Central, Western, and Hudson Valley regions of New York, and the Southeastern region of Pennsylvania, including Berks, Chester and Montgomery counties.
Source: Berkshire mont
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