Home Down Payment Savings Plan Coming Spring 2024
For first-time home buyers, a smaller down payment like 5–10% is okay too—but then you’ll have to pay PMI (Private Mortgage Insurance). KeySavings Bank has a matching savings account. For each $2 that you save, we will match that with $1 of savings up to $1500.
The restrictions are as follows:
- The matching dollars will only be issued if KeySavings Bank originates the loan.
- Any withdrawals for purpose other than for a home purchase will negate KeySavings Bank matching obligation.
- The matching obligation will be non-interest bearing and matched at time of home purchase.
- The origination of the home loan must take place not less than 12 months from account opening and within 24 months.
- Gifting of money into the account is not allowed. All money deposited must be from the applicant’s personal income.
- If the applicant does not qualify for a home loan purchase, the matching obligation is negated.
- KeySavings Bank reserves the right to discontinue the matching program at any time.
- The applicant(s) at time of home purchase must earn a combined income of less than $45,000 per applicant.