Washington, D,C. (June 3, 2024) — In celebration of National Homeownership Month, the Independent Community Bankers of America (ICBA) is encouraging current and prospective homeowners to connect with their trusted local community bankers for guidance on making the homebuying process more accessible and affordable.

“Homeownership is a cornerstone of building strong communities, achieving financial stability, and preparing for retirement,” said Rebeca Romero Rainey, ICBA President and CEO. “Local community banks are relationship lenders who can guide you through the mortgage and financing process, ensuring you are well-informed and confident as a buyer.”

Whether you are refinancing or purchasing your home, a community bank can help you determine:

  1. Qualification needs for the loan you’re seeking to obtain, and how factors such as your credit score, debt to income ratio, down payment, and loan amount may impact your rate and terms.

  2. The ideal loan amount and products to meet your budget considerations, including a detailed review of the mortgage process and identification of suitable programs and loan features.

  3. How mortgage rates, loan amounts, property taxes, and insurance premiums affect payments, helping you set a manageable budget for homeownership expenses.

  4. Your rights and obligations under your mortgage contract, considering the unique stipulations of various financing options.

  5. Suitable government-sponsored programs, including applicable state, local government, and specialty programs, in addition to federal homeownership and home-buying assistance programs.

  6. Additional resources to help you create a budget and set financial targets, such as homebuyer seminars and free online educational tools available at www.hud.gov.

To find a community bank near you, visit BankLocally.org.

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.