The Rural First-time Homebuyer Program (RFHP) is a down payment assistance program designed to help first-time homebuyers in rural areas purchase a home. As a Federal Home Loan Bank stockholder, Security Bank is eligible to access RFHP funding to assist first-time homebuyers in rural areas we serve. Subject to availability of funds.

Eligible homebuyer requirements:

  • No cash back at closing;
  • Have an income that is 80 percent or less of the area median, based on income of all household members;
  • Purchase a home located in a rural area;
  • Complete a homebuyer education/counseling program prior to receiving the funds;
  • Provide at least $500.00 of your own funds and
  • Have an income not based on a temporary condition (such as a full-time student).

The maximum RFHP subsidy per household is $7,500. Funds are available on a first-come, first-served basis and are not guaranteed or available at all times of the year. Before requesting funds, the prospective first-time homebuyer must provide documentation that the buyer is RFHP-qualified and has been qualified or approved for financing to purchase a home. To learn more about this program or to find out if you qualify and if funds are available, please contact your local Security Bank Office.

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