IberiaBank customers looking to purchase a home or refinance their current loan could receive up to $4,000 in grant money if they meet eligibility requirements. Lafayette-based IberiaBank announced Tuesday it is launching a new grant program for qualified customers trying to purchase a home or refinance their current home loans.
According to a release from the bank, the Subsidy Program will award $1 million in grants for down payments or closing costs over the next three years. Most major markets in Louisiana are included in the grant program, the bank says, including Acadiana, Baton Rouge, Greater New Orleans, Houma, Lake Charles, Monroe and Shreveport. Six out-of-state markets in IberiaBank's footprint will also be designated for the program.
The subsidies will give up to $4,000 per closing for clients who are eligible for the grants. To qualify, income cannot exceed 80 percent of the median income outlined by the Federal Financial Institutions Examination Council. The grants will be administered through seven non-profit agencies in the Southeast, including two in Louisiana: Assist Agency of Crowley and Neighborhood Housing Services of New Orleans, Inc.
"We are very proud to help families achieve their dreams of homeownership," says IberiaBank President and CEO Daryl Byrd in a prepared statement. "This program will help many of our clients close the gap they may have to buy a home or refinance property."
Click here for more information from IberiaBank's website.