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Welcome Home Funds

Reserve your $20,000 Welcome Home Grant today! 

State Bank, in partnership with the Federal Home Loan Bank, is offering down payment and/or closing cost assistance for acquisition or construction of owner-occupied housing by low- and moderate-income homebuyers. Funds are limited so apply today.

Honorably discharged veterans or active duty military personnel may receive grants up to $25,000.
Program Requirements1
  • Minimum of $10,000 up to $20,000 grant for eligible borrowers.
  • Homebuyer must contribute a minimum or $500 of their own funds towards the down payment and/or closing costs.
  • Applications do not have to be first-time homebuyers; however, first-time homebuyers must complete a homeownership counseling program.
  • If the home is sold or refinanced within five years of the closing of the transactions, the homebuyer may be required to repay all or a portion of the funds granted.
  • Funds available beginning March 1, 2024.
  • Income limitations apply and vary by county.
1This list does not represent all program requirements. Grant eligibility and approval is subject to all program qualification requirements established by the Federal Home Loan Bank (FHLB). State Bank is a FHLB member financial institution. Grant eligibility is reviewed and verified by State Bank, and final approval of grant eligibility is determined by the FHLB. Funds will be available for reservation on  a first-come, first-served basis beginning at 8:00 a.m. ET on March 1, 2024, and will remain available until all funds have been reserved. Grant utilization is contingent upon mortgage application,  approval and consummation. 
All loans are subject to application and credit approval. Terms, conditions, and loan programs are subject to change without notice. Other terms, conditions and restrictions may apply.
NMLS ID 403044
Fixed Rate Loan
Mortgage Options 15 Year Fixed, 20 Year Fixed, 30 Year Fixed.
Definition A Fixed Rate Mortgage has an interest rate that does not change over the life of the loan.
Benefits Predictable loan payments, variety of terms (10-30 years), and rate flexibility.
Adjustable Rate Loan
Mortgage Options 3/1 - 10/1 ARM Programs, 7/1 Jumbo ARM.
Definition An Adjustable Rate Mortgage(ARM) has an interest rate that may change (up/down) during the life of the loan.
Benefits Lower initial monthly payments, lower rates in stable or declining markets, and flexible terms.
FHA Loan
Mortgage Options 15 Year Fixed, 30 Year Fixed.
Definition A Fixed Rate or Adjustable Rate Mortgage insured by FHA (Federal Housing Administration).
Benefits Lower down payment, fixed principal & interest payments, and flexible terms.
VA Loan
Mortgage Options 15 Year Fixed, 30 Year Fixed, VA IRRRL Loan.
Definition VA loans are fixed rate loans available to active duty and retired U.S. Military personnel.
Benefits Low or no down payment, Fixed interest rates, no monthly Mortgage Insurance, available for purchase or refinance.
Construction Loan
Mortgage Options 5/1 ARM Const-Perm, 30 Year Fixed Const-Perm, 7/1 Jumbo ARM.
Definition Construction Loans allow you to build or remodel a new or existing home.
Benefits Fixed and ARM offerings, interest only construction period, and one-time closing.