Citizens Trust Bank launches a down payment assistance grant offering $2,000 towards closing costs, opening homeownership to more borrowers


This program provides an alternative for those ready for homeownership, cutting down the time needed to save for a down payment

ATLANTA, March 25, 2024 /PRNewswire/ -- Citizens Trust Bank Residential Mortgage Division announced its Down Payment Assistance Grant Program to allow eligible homebuyers to overcome the financial barrier of making a substantial down payment when purchasing a home. This grant is being offered for affordable housing opportunities. With $2,000, borrowers who qualify can now reduce the time needed to save for a down payment and provide another option for those who are otherwise ready to take on homeownership. This funding will be used to help households with a maximum of $2,000 grant contribution at the residential mortgage loan closing.

Most markets are enduring an affordability crisis, and saving for a down payment remains one of the biggest barriers for many potential homebuyers. This is especially true for first-time homebuyers, who are often paying high rents. The combination of record-breaking home price appreciation and rising interest rates means a majority of first-time homebuyers (64%) are putting down less than 20%, and a quarter of first-time buyers are putting down 5% or less and are in need of additional funds for closing.*

The Down Payment Assistance Grant program from Citizens Trust Bank reduces the financial requirements of down payments that potential home buyers face in the current housing market. "For those who have been held back by the upfront costs associated with homeownership, down payment assistance, especially toward closing costs can help to lower the barrier to entry and make the dream of owning a home a reality," said Citizens Trust Bank Residential Mortgage Operations Manager, Yulanda Munford.

The significant increase in rents and property values has resulted in renters paying high monthly housing expenses, leaving them with insufficient savings for a substantial down payment. Down payment assistance and accessible grants are crucial in reducing obstacles to homeownership for those who qualify.

Some requirements of the Citizens Trust Bank Down Payment Assistance Grant Program include the following:

  • Loan must close with Citizens Trust Bank
  • Borrower(s) income cannot exceed $150,000.00.
  • Borrower cannot have more than $25,000 in assets (Checking & Savings Account)
  • Primary Occupancy only
  • Borrower must contribute at least $500.00 toward transaction.
  • Homebuyer education certificate required.
  • Can be layered with other approved Down Payment Assistance Programs

The Citizens Trust Bank Down Payment Assistance grant will play a crucial role in making homeownership achievable for a wider range of people, stimulating the housing market and community development, all while promoting economic and social well-being.

Interested applicants should call 678.406.4135 to speak with a Citizens Trust Bank Residential Mortgage Loan representative to learn more about the program and determine if it's the right fit for their circumstances.

About Citizens Trust BankCelebrating over one hundred years in the community, Citizens Trust Bank remains committed to providing personalized service and financial solutions to meet the growing needs of the community. Through a legacy built on economic equality and well-being, headquartered in Atlanta, Georgia, Citizens Trust Bank goes beyond meeting the needs of offering banking solutions. Today, Citizens Trust Bank continues to be led by its founding mission to empower customers and future generations for financial success and takes pride in offering financial solutions throughout metropolitan-Atlanta, Birmingham, and Eutaw, Alabama. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over the counter to the public under the trading symbol CZBS and can be found at


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