IBERIABANK, 125-year-old subsidiary of IBERIABANK Corporation, is pleased to announce the Subsidy Program, a grant program that will fund $1 million in down payment or closing cost assistance to qualified clients over the next three years. The Subsidy Program is designed to provide funding to qualified clients buying or refinancing homes through IBERIABANK in designated markets, which include most major Louisiana markets: the Acadiana region; Baton Rouge, the Greater New Orleans area, Houma, Lake Charles, Monroe and Shreveport. Designated markets also include select counties in Northeast Arkansas; Little Rock, Arkansas; Memphis, Tennessee; Birmingham, Alabama; Fort Myers, Florida; as well as Naples, (Collier and Monroe Counties) Florida.
Grants up to $4,000 per transaction will be given to qualified clients in the Company’s designated service areas. The grants will be administered through local non-profit partners including the Housing Development Corporation of Southwest Florida (www.collierhousing.org) and the Lee County Housing Development Corporation (www.leecountyHDC.org). Borrowers may qualify if their income does not exceed 80% of the median income as determined by the 2012 FFIEC (Federal Financial Institutions Examination Council) MSA median income for the property location.
Daryl Byrd, President and CEO of IBERIABANK remarked, “We are very proud to help families achieve their dreams of homeownership. This program will help many of our clients close the gap they may have to buy a home or refinance property.”
For more information about loan options and the Subsidy Program, visit with a mortgage representative in your area: www.iberiabankmortgage.com/contactUs.cfm or call Customer Service at 1-800-682-3231.