Make the dream of home ownership a reality through PATH.
MILWAUKEE – September 14, 2017 – Associated Bank is committed to leveraging its financial expertise and support to help make the dream of homeownership a reality and strengthen neighborhoods. As part of this commitment, Associated Bank has announced PATH (Program for Assisting Today’s Homebuyer), a new loan program to assist borrowers purchasing or building a primary residence in eligible counties. Borrower income and/or purchase area must qualify.
Eligible borrowers can receive up to a combined $4,000 financial assistance grant from Associated Bank together with the Federal National Mortgage Association (FNMA) for down payment and closing costs – with no obligation to repay the grant funds. PATH funds may be used in combination with other down payment and closing cost payment assistance programs.
“Associated Bank has a strong tradition of providing an array of banking products and programs to help people purchase a home and strengthen local economies,” said Thomas Faughnan, executive vice president and director of Residential Lending at Associated Bank. “Our bankers and lenders are conveniently located in full-service branches and loan production offices within emerging neighborhoods to best serve the needs of potential homebuyers.”
The new program is led by Associated Bank’s Multi-Cultural and Affordable Lending team, which is a key component of the bank’s efforts to provide loans and financial assistance to all customers. In addition to originating loans utilizing down payment and closing cost assistance grants that help borrowers qualify for mortgage loans, the team also develops partnerships with nonprofit agencies, realtors and other affinity groups to provide homebuyer education and service low- to moderate-income and minority borrowers within the community. These partnerships play a vital role in supporting the economic health of the communities we serve.
“We are forging strong relationships with individuals and community organizations within the neighborhoods where we live and work,” said Denise Smith, senior vice president and director of Multi-Cultural and Affordable Lending at Associated Bank. “As a result, we are familiar with the challenges facing our mortgage loan customers and can readily understand, identify and access their needs,” said Smith.
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