COLUMBUS, OHIO – Northwest Bank, a full-service financial institution offering a complete line of business and personal banking solutions, has announced the availability of funding through the First Front Door (FFD) specialty lending program. FFD grants provide down payment and closing cost assistance to eligible first-time homebuyers.
First Front Door empowers first-time homebuyers to navigate the competitive real estate market with confidence and support. By contributing a minimum of $1,500 toward down payment and closing costs, homebuyers are eligible for a maximum grant of $15,000. This amount represents a significant increase from previous funding which was capped at $5,000.
By introducing First Front Door during national fair housing month, Northwest Bank reaffirms its commitment to promoting fair and equal access to housing opportunities for all community members. Funding through the program is available for prospective homebuyers across Northwest’s footprint, the release stated.
Earlier this year, Zillow announced their predictions for the hottest housing markets in 2024, including four that Northwest serves: Buffalo, Columbus, Indianapolis and Cleveland.
“At Northwest Bank, we recognize the unique challenges faced by first-time buyers in today's dynamic housing landscape,” said Rocco Diina, senior vice president and head of mortgage sales. “With escalating prices and fierce competition, many aspiring homeowners find themselves sidelined, unable to secure financing or compete effectively in the market. First Front Door is a lending solution that we are proud to provide – ensuring a pathway to homeownership that is inclusive, transparent and supportive.”
To qualify for First Front Door, prospective homebuyers must:
• Be a first-time homebuyer: A person who has not owned an eligible property used as their primary residence in the last three years.
• Contribute personal funds as part of the down payment and closing costs: For FFD, by contributing a minimum of $1,500 toward down payment and closing costs, homebuyers are eligible for a maximum FFD grant of $15,000.
• Be income eligible: The income of the household must be at or below 80 percent of the median income at the time of FFD program enrollment.
• Complete homeownership counseling: Homebuyers must complete at least four hours of homeownership counseling from an approved agency prior to the purchase of the home.