First National Bank of Northfield, the longtime cornerstone of Northfield’s banking community, announced that it has secured grant money to assist qualified homebuyers in the Northfield area. Awards can be up to $5,000, and funds can be used to cover closing costs or put toward a down payment. Money granted may not need to be paid back if certain conditions are met. In order to be eligible to receive the funds, buyers must meet grant guidelines outlined by the program and be approved for a loan through First National Bank of Northfield. More information about qualifying for the funds can be found on First National’s website.
Becky Behrens, First National vice president and mortgage specialist, said, “We’re really happy to be a part of this program. It’s a great tool for buyers and it’s a benefit to the community as well. Slowly but surely we’re seeing the Northfield real estate market pick up again, and this grant money is a great way to continue down that path.”
The funds are offered through the Affordable Housing Program, and First National is the only participating lender in this area. Grants are available to first-time homebuyers and any individual who has not owned a home in the last three years. Income and maximum purchase price limitations do exist, though according to Behrens, limits are quite generous and the maximum purchase price limit is, in most cases, more than $235,000.
Behrens continued, “A program like this doesn’t come around every day. If you’re looking at a home and think you might qualify, we encourage you to contact us. The funds were awarded to stimulate Northfield’s economy and we want to do everything we can to see that they’re put to good use.”
First National Bank of Northfield was founded in 1872 and has been locally owned ever since. Internationally recognized as the bank that defeated Jesse James, First National has been inextricably tied to Northfield throughout its history. The bank provides a full range of banking products and services to individual and business customers in the greater Northfield area. First National currently has $130 million in assets and nearly 40 employees.