3-5% Homebuyer Down Payment Assistance Grant
The grant is NOT a second mortgage and does NOT create a lien against the property and can be used towards a buyer's down payment and/or closing costs. The Program is available for the purchase of both new and existing homes, as long as the home will be the primary residence of the homebuyer. The Program is also NOT limited to first-time homebuyers. Whether someone owned a home in the past or not, they can apply for the Program. See below for more information about the grant program:
For example, If you were using 97% conventional financing, the grant could potentially pay for your 3% down payment and the remaining 2% could be used toward your closing costs depending on your specific situation! Note, the grant program has specific program associated closing costs.
Grant program is subject to availability and borrower qualification for the program. Program guidelines may be subject to change. Buyers are advised to verity all program guidelines, requirements, restrictions, benefits and limitations with the loan officer offering the program before using the program to purchase a home.
- Non-repayable grant for down payment and/or closing costs
- No first-time homebuyer requirement
- Grant sized up to 5% of the loan amount
- Primary residences only
- Program is available with various mortgage loan programs (conventional, FHA, VA, etc.)
For example, If you were using 97% conventional financing, the grant could potentially pay for your 3% down payment and the remaining 2% could be used toward your closing costs depending on your specific situation! Note, the grant program has specific program associated closing costs.
Grant program is subject to availability and borrower qualification for the program. Program guidelines may be subject to change. Buyers are advised to verity all program guidelines, requirements, restrictions, benefits and limitations with the loan officer offering the program before using the program to purchase a home.
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If you're not working with a Realtor to help you buy a home, I'd love to help you. I refer my buyers to a loan officer that is approved to offer this special grant program as well as other homebuyer programs. Please call me at (800) 477-0075 x 3 or complete the online form below.
Return to the Homebuyer Resource Center, click here. |