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Farmers & Merchants Bank Receives $75,000 WISH GrantFarmers & Merchants Bank (F&M Bank) announced today that it has been awarded a $75,000 grant through the Federal Home Loan Bank of San Francisco (FHLBank San Francisco). The grant is provided through FHLBank San Francisco's 2017 Workforce Initiative Subsidy for Homeownership (WISH) Program which is aimed at promoting affordable homeownership for eligible low- and moderate-income families and individuals. The WISH grant will afford F&M Bank the ability to offer qualified first-time homebuyers a matching grant at the rate of up to $3 for every $1 contributed by the homebuyer(s), up to a maximum of $15,000 per household. These funds can be used in conjunction with a variety of local, state, and federal homeownership programs. "F&M Bank is thrilled to be given the opportunity to provide another level of assistance to our customers who are first-time home buyers. The WISH grant will help us open the door to families and individuals looking to make the jump from renting to owning," said Daniel K. Walker, Chairman of the Board and CEO of F&M. A recent study conducted by F&M Bank revealed that over 40% of Southern California residents who currently rent their homes are anticipating making the move rom renter to homeowner in the next year and a half. In the regional survey conducted by C.A. Walker Research Solutions, over half of the respondents interested in making the move to homeownership from renting reported an annual household income of less than $75,000. These results further prove the importance of F&M Bank's ability to offer programs that will support multiple levels of homeownership, keeping the dream of owning a home alive for all families and individuals. "With rising housing prices in the Los Angeles and Orange (News - Alert) County markets, it's more important than ever for lenders to be cognizant of the affordability challenges facing consumers," said Michael J. McCarthy, Residential Lending Senior Vice President at F&M Bank. "Having served the community for over 110 years, we are continuously looking for new opportunities that will allow us to provide service to meet the needs of this generation and beyond." F&M Bank will add the WISH Grant to its current wide array of mortgage loans and lending products, including fixed rate and adjustable rate mortgages. F&M also offers tools to help with the home buying process including Home Buying and Credit as an Asset workshops in local offices throughout the year. If you're interested in learning more about the WISH Grant, you can speak directly to an expert loan professional at any of F&M's Offices or call (866) 649-3863. About Farmers & Merchants Bank Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has over $6.9 Billion in assets, and 24 offices across Orange County, Long Beach and the South Bay. The Bank specializes in commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products, including checking, savings and youth accounts. Farmers & Merchants Bank is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170817005285/en/ |
