Community Advantage Programs

Credit Advantage Small Dollar Loan Program

This program is designed to encourage savings, be a financial alternative to high interest loans offered by non-bank providers, and include education for borrowers on how to improve their finances and ultimately their credit score. As such, Credit Advantage1 is available for two purposes: 1) Credit Building and 2) Purchases, Paying Bills and Other Obligations.

Program Specifics:

Purpose: Credit Building

  • Loan up to $500 ($250 must be placed in CD)2
  • Must Attend Financial Education Class Prior to Receiving the Loan
  • No Credit Score Requirement

Purpose: Purchases, Bill Payment or Other Obligations

  • Loan up to $2,000 ($1000 must be placed in CD)2
  • To Be Used for a True Need (Pay a Bill or Collection Item)
  • Proceeds Made Payable to Third Party Business, Not Borrower or Other Individual
  • Financial Education Class to Be Completed by Borrower

Terms:  12, 18 or 24 months
APR:  10%
Fees:  None (origination or late or FL doc stamps)

Qualifying participants are eligible to receive half of the loan amount, with the other half being deposited into a CD. The term of the CD should match the term of the loan. A hold will be placed on the CD until the loan is repaid. Part of the program design is that once the loan is repaid the participant has created a savings account.

Participants are encouraged to attend a financial education course conducted by Consumer Credit Counseling Services of Mobile. Participants completing the course will receive a $25 Advantage Card. In order to receive another Credit Advantage loan with United Bank, participants will be required to complete the financial education course. Customers are limited to three Credit Advantage loans. The loans can be concurrent as long as the borrower has completed the required financial education course, paid down the preceding loan to half of the borrowed amount, and still meets the debt-to-income requirement. Participants needing more than three loans will be required to attend additional financial education courses.

1. Loans subject to credit approval. 
2. Individuals who do not have a credit score or have recently been discharged from bankruptcy are only eligible for loan up to $1,000, half of which will be deposited into a CD. 

 

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First-Time HomeBuyer

 

Your First Home-Your First Home Loan. Buying your first home is an important milestone in your life. At United Bank, we understand that finding the right financing plan is as important as finding a home that fits your lifestyle.

To help you get started on solid footing, United Bank can assist first-time homebuyers in accessing matchings1 funds for the down payment and closing costs incurred when purchasing a home.2 For every $1 you contribute to your home purchase, up to $1,250, you can receive $4 in matching funds, up to $5,000. Funding is available to qualified first-time homebuyers. 

Eligibility:
In addition to meeting income eligibility requirements, the homebuyer must:

  • Contribute at least $1,000 toward the purchase of the home.2
  • Occupy the home as a primary residence for at least five years.
  • Complete a homebuyer education and financial literacy course specified by FHLBank Atlanta.
  • An additional $2,500 may be available for Community Partners such as educators, firefighters, law enforccement and health care workers.3

 

United  Bank prides itself on providing accessible and feasable financial resources and mortgage products2 to first-time homebuyers. Please contact one of our loan officers to determine if you are eligible for first-time homebuyer funding and to begin your application process. 

1. Household income restrictions and other requirements apply.
2. Loans subject to credit approval.
3. Contact us for eligible careers under the Community Partners Program. 

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Veterans Advantage

 

A program for Our Heros
At United Bank we are committed to supporting our military communities by helping our active duty, reservists and veterans realize the dream of home ownership. We're also here to support you when you're ready to refinance and to support a growing household.1

As a special offering to the military community, United Bank offers options to help qualified veterans and active-duty members of the U.S. military,2 or their surviving spouses, access to grant funds to provide down-payment, closing-cost, and principal reduction assistance for the purchase of a promary residence. No matching funds from the homeowner or homebuyer are required. 

Veterans Purchase Program
The Veterans Purchase Product provides up to $7,500 in down-payment, closing-cost, and principal reduction assistance to first-time homebuyers or non-first-time homebuyers for the purchase of purchase and rehabilitation of a home to be used as a primary residence.2

Returning Veterans Purchase Program
The Returning Veterans Purchase Product provides up to $10,000 in down-payment, closing-cost, and principal reduction assistance to first-time homebuyers or non-first-time homebuyers for the purchase or purchase and rehabilitation of a home to be used as a primary residence. Eligible borrowers for the Returning Veterans Purchase Product are homebuyers that are currently serving or have served in an overseas military intervention for any branch of the U.S. military or their surviving spouses.1

1. Loans subject to credit approval. 
2. Veterans Purchase Product funds are available to qualifying veterans or active-duty members of any branch of the U.S. military, or their surviving spouses. National Guard Reservists are eligible if they have served in active duty or performed services in active duty or were injured in active duty. Returning Veterans Purchase Product funds are for homebuyers that are currently serving or have served in an overseas military intervention for any branch of the U.S. military, or their surviving spouses. This document is not a complete description of requirements for these products. Please contact United Bank for complete product requirements. 

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Gateway Checking

Your Gateway is here! Gateway Checking offers customers with LOW or NO credit or who have had issues managing their accounts a second chance to qualify for a checking account. With proper maintenance of the account, customers may be able to upgrade to another United Bank account after only six months!

Account Features:

  • Online Banking Included and Online Billpay Available for $4.95 Per Month1
  • Dedicated Smartphone App with mobile Check Deposit ($2 Per Deposit)1
    Search "United Bank Atmore" in App Store or Google Play Store
  • Itemized Statements Included and E-Statements Available
  • 24/7 Telephone BankLine Service & Account Alerts by Dialing (800)861-8752
  • Variety of Check Options Available (customers pays for checks and applicable shipping/handling charges)
  • $10 Monthly Maintenance Fee
  • A Fee of $10.00 will be Assessed if the Account is Closed within 180 Days of Opening

 

Account Guidelines:

 

  • A Debit Card is Not Offered with this Account
  • Each item presented against insufficient funds will be returned and the account will be charged $34.00. If items are presented against insufficient balance more than twice during a month, the account will be subject to closure. No overdraft privilege is available with this account. This account will not automatically be upgraded after six months. See your account officer for consideration.
1. Fees may apply for some services within Online Banking or Mobile Banking. Cell phone text and data rates may apply. 

 

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Secured Visa Classic

Your Visa Classic:

The Secured Visa Classic card provides you with instant purchasing power and worldwide acceptance anywhere you see the Visa logo. Its backed by your deposit with United Bank and is an excellent way to build credit. More than 200,000 financial institutions also offer cash advance services for Visa customers.

Features & Benefits:

  • Minimum credit limit is $300 (subject to credit approval)
  • Minimum monthly payments equal to 3% of the outstanding balance or $20, whichever is greater
  • Fixed APR of 13.80% for purchases and cash advances (the rate of 13.8% is fixed for 12 months from date of issuance. The card maturity is structured to match the maturity of the time deposit securing the account. At the end of 12 months, the card may be re-issued at the then-current rate.)
  • May be reissued every 12 months
  • Twenty-five day grace period – avoid paying finance charges if you pay your bill in full within this timeframe
  • Finance charges accrue from the date of cash advance
  • No separate transaction fees for purchases or cash advances
  • Utilize auto-draft from your United Bank Checking and avoid the possibility of a $30 late fee
  • Access your monthly statements online at www.unitedbank.com or at our visa website, www.mycardstatement.com

 

Insurance:

Not only is carrying a credit card safer than carrying cash, the Secured Visa Classic card also offers a $150,000 Travel Accident Insurance Policy at no cost to you, when you use your card to purchase airline or other common carrier tickets.

Fraud Prevention Service:

Falcon Neural Network from Fidelity/Certegy is considered the leading fraud detection software in the industry, and is used by 9 out of the top 10 issuers in the United States. Past data regarding spending habits of each cardholder is reviewed when a customer initiates a transaction. Transactions with a high probability of fraud will be validated through telephone calls made directly to the cardholder. If the cardholder cannot be reached, the Bank will be contacted directly.

 

 

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New Markets Tax Credits

The New Markets Tax Credit program (NMTC) was established to spur investment into operating businesses and real estate projects in low-income communities. NMTCs were not designed to be a primary source of funding, but they can be an excellent option to fill a gap in funding for projects that make economic sense. NMTC net proceeds can fund up to 20% of a project and are paired with owner equity, borrowed funds, or other grants/public funds. 

Special purpose entities called CDEs apply annually to the US Treasury Department for delegated authority to sell these federal tax credits. The proceeds from that sale are then used to fund investments, typically structured as low interest rate loans, in qualifying businesses or commercial real estate developments. The credit provided to the investor totals 39% of the cost of the investment made in the CDE and is claimed over a 7-year credit allowance period. 

For more information, or to find out if your project qualifies, please contact Alex Jones at (251) 446-6017. 

How to Qualify

To be eligible for NMTCs, a potential project must generally be located in a low-income community. These areas are determined by a variety ofcensus tract data. Click here for a map of areas that are eligible for NMTCs. 

In general, businesses may not include golf courses, tanning salons or massage parlors, package liquor sales, farming (does not include agribusiness), or residential rental income that exceeds 80% of annual gross revenue. 

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