When it comes to purchasing a home, understanding the ins and outs of homeownership grants and affordability programs can make a huge difference.
There are many different programs to help either First Time Home Buyers or Borrowers with lower income:
Fannie Mae offers a program called HomeReady First for first-time homebuyers residing in designated areas across the country to reduce the barriers to homeownership. The borrower can receive the following benefits if they are eligible for this program:
A $5,000 grant towards down payment assistance or closing costs,
A credit up to $500 towards the cost of an appraisal that will be allocated at closing, AND
An optional credit of up to $500 for a 1-year home warranty for the subject property allocated at closing.
Some restrictions apply so call or email us for details
Another program that offer borrower grant is Freddie Mac BorrowSmart. This program helps qualified buyers get up to $1,250 toward their down payment or closing costs, unlike HomeReady First, borrower does not need to be a first time home buyer to qualify.
This program also has some restrictions so please give us a call or email for details.
There are also programs with Down Payment Assistance - 0% Down Payment for first time home buyers with Completely forgivable grant that equals 2% or 3.5% of purchase price. This may be combined with up to 6% seller concession for closing costs.
Some restrictions apply please call us or email for details.