LAFAYETTE, La., Oct. 13, 2016 /PRNewswire/ -- IBERIABANK (www.iberiabank.com), 129-year-old subsidiary of IBERIABANK Corporation, is pleased to announce that an additional $1 million in down payment and/or closing costs assistance to qualified clients will be funded through the IBERIABANK Subsidy Program (ISP). The ISP program, launched in 2012 with $1 million, has already provided over 288 qualified clients with assistance to achieve homeownership.
The ISP program is designed to provide funding to qualified clients buying homes through IBERIABANK in designated markets, which include most major markets in Birmingham, Alabama; Little Rock, Arkansas; Fayetteville, Arkansas; Jonesboro, Arkansas; Dallas, Texas; Houston, Texas; New Orleans, Louisiana; Lafayette, Louisiana; Memphis, Tennessee; Atlanta, Georgia; Fort Myers, Florida; Naples, Florida; Orlando, Florida; and Sarasota, Florida.
Grants of up to $4,000 will be given to each qualified client transaction in the Company's designated service areas. The grants will be administered through local, non-profit partners.
Borrowers may qualify for up to $2,000 if their income does not exceed 80% of the median income as determined by the 2016 FFIEC (Federal Financial Institutions Examination Council) MSA median income for the property location. Borrowers may also qualify for up to $2,000 if they purchase a primary residence located in a low or moderate income census, as determined by the 2016 demographic median income of the FFIEC geocoding website. Borrowers that meet both qualifying standards are eligible for subsidy amounts up to $4,000.
"We are very proud to help families achieve their dreams of homeownership," Daryl Byrd, President and CEO of IBERIABANK stated. "This program will help many of our clients close the gap they may have to buy a home."
For more information about loan options and the ISP Grant, visit with a mortgage representative in your area, which can be found online at www.iberiabankmortgage.com/contactus or call 1-800-682-3231.
IBERIABANK Corporation (NASDAQ: IBKC) is a financial holding company with 304 combined offices, including 199 bank branch offices and three loan production offices in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, and Georgia, 24 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 69 locations in 10 states. The Company has eight locations with representatives of IBERIA Wealth Advisors in four states, and one IBERIA Capital Partners, L.L.C. office in New Orleans.