KeySavings Bank’s First-Time Homebuyers Matching Down Payment-Coming Sep 2024

For first-time home buyers, a smaller down payment like 5–10% is okay too—but then you’ll have to pay PMI. KeySavings Bank has a matching savings account. For each $2 that you save, we will match that with $1 of savings up to a $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 withing 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.