Heartland Credit Union offering $5,000 grants to new homebuyers

Hutchinson-based Heartland Credit Union is offering $5,000 federal grants to first-time homebuyers, according to a news release.

The grants, which are limited in number, are being made available through the Federal Home Loan Bank Homeownership Set-Aside Program, which allows first-time buyers to receive $5,000 to use for expenses like closing costs, down payment and repairs.

To be eligible for a grant, a consumer must not have owned a home in the past three years and must earn at or below 80 percent of the area median income for households purchasing or constructing homes in Colorado, Kansas, Nebraska and Oklahoma.

All homes must be in Kansas, and a homeowner education program must be completed. If ownership of the home is kept for at least five years, the borrower has no responsibility to repay the grant funds.

The Federal Home Loan Bank is a government-sponsored entity that works to promote community development, according to its website.

For more information, call a Heartland mortgage originator at 800-428-8472. In addition to Hutchinson, Heartland Credit Union has offices in Wichita, Haven and Newton.

This story was originally published May 31, 2016 at 3:25 PM with the headline "Heartland Credit Union offering $5,000 grants to new homebuyers."