New nbkc bank Local Down Payment Assistance Program Provides Support for First-Time Homebuyers

'nbKC Local' Program Benefits Low- and Moderate-Income Borrowers Throughout the Kansas City Region

KANSAS CITY, Mo., July 9, 2024 /PRNewswire/ -- Seeking to spur homeownership throughout the Kansas City region, nbkc bank recently announced the initiation of its own down payment assistance mortgage program, 'nbKC Local,' which provides down payment and other assistance for low- and moderate-income first-time homebuyers in the metropolitan area.

Through this new down payment assistance program, qualifying borrowers can receive from nbkc bank up to $2000 in down payment support and up to $1000 in closing cost support toward the purchase of a primary residence within the 14-county Kansas City Metropolitan Statistical Area (MSA). The program features a minimum down payment of 3% (which can be a gift from family members or friends) and market interest rate. Interested applicants can contact an nbkc bank loan officer for more eligibility information and complete program details.

"We are deeply committed to helping people secure homeownership, and this new program is an exciting expression of that commitment," said Jaylene O'Brien, senior vice president, Home Loan Operations at nbkc. "This is an opportunity for qualifying low- and-moderate income borrowers to receive up to $3000 toward their dream of owning a home. We are grateful to be part of their homeownership journey."

nbkc's program is available to qualifying Kansas City MSA residents whose income is 80% or less of the area median income (AMI) for the region (currently $82,400). Participants are required to have a minimum credit score of 620 and participate in homebuyer education.  There are no geographic restrictions within the Kansas City MSA, and co-borrowers are permitted. The down payment credit is calculated at 2% of the purchase price for the home, up to $2000.  Up to $1000 in closing cost assistance is also available as part of the program. 

Qualifying borrowers with income of 50% or less of the AMI are eligible for $2500 in additional support through Freddie Mac's Very Low-Income Purchase (VLIP) credit, a feature of its Home Possible and HFA Advantage programs. The VLIP credit is available through February 28, 2025. The combination of resources further enhances a borrower's opportunity to own a home.

According to Tyler Tilden, compliance manager – CRA and Fair Lending, this program further affirms nbkc's commitment to the principles of the Community Reinvestment Act (CRA), a federal law designed to encourage banks help meet the needs of borrowers in all segments of their communities, including low- and moderate-income borrowers.

"Upholding the principles of the CRA is critically important to us, and this new down payment assistance program is a reflection of our ongoing focus on providing fair access to financial services and investing in underserved communities and individuals throughout Kansas City," Tilden said. "Engaging and supporting our community is a top priority and we will continue to explore innovative and unique ways to promote economic development, small businesses and affordable housing as part of this important mission."

About nbkc

Marking its 25^th anniversary in 2024, nbkc is a diversified banking company known for combining intuitive technology and personal support to create exceptional client experiences. We offer online mortgage and consumer banking nationally; community and commercial banking throughout our home region of Kansas City; and banking as a service to fintech companies across the U.S. Formed in 1999, nbkc continues to pursue its mission of leading the industry to simpler and more transparent banking. Member FDIC. Equal Housing Lender.

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SOURCE nbkc bank