Sharon Ayers, a mortgage lender and United Cumberland Bank vice-president, encourages anyone interested in buying a home to ask her about the Welcome Home program.
JACKSBORO, TN (WLAF) – It’s fittingly called “Welcome Home.” The program is available through United Cumberland Bank at Jacksboro and helps with a down payment on a home for anyone who qualifies.
“We’ve helped a lot of people over the years with this annual program,” said Sharon Ayers, a mortgage lender and United Cumberland Bank vice-president. She notes the program began on March 1 and goes until the money is used up making it first come-first serve. UC Bank has offered this opportunity for years and once this year’s allotted funds are committed, the program does not open again until next year.
Ayers calls it a great program that provides $5,000 ($7,500 for a veteran) toward a purchased or new construction home, but it is not available for a refinance. “As long as you qualify for the loan on this income based program, there is no payback. Though you must live in the home for at least five years,” said Ayers. She pointed out that there are fixed rate or adjustable rate options available. The prospective homeowner must have a minimum of $500 of their own money also invested in the Welcome Home program.
This is only a brief overview of the Welcome Home Program. Complete details, limits, requirements, definitions, and guidelines are contained in the 2020 AHP Implementation Plan and in the 2020 Welcome Home Guide. You can also learn more by calling (423.562.5151) or visiting Ayers at United Cumberland Bank at Jacksboro. (WLAF NEWS PUBLISHED – 03/24/2020-6AM)