First time home buyers can obtain a grant for up to $7500 to purchase their first home. This grant is available through selected chartered banks and buyers must meet certain income and other requirements to qualify. Typically a buyer investing $500 in the purchase of their first home can obtain up to 5 times their investment for a maximum of $7500.
The FHLB grant may be used for down-payment or closing cost assistance and is a second loan at 0% interest that is forgiven if the buyer lives in the property for five years or more. Grant funds are available until they run out and funds can only be reserved with a ratified contract. Some of the lenders offering this program predict they have enough funds to fund June and July transactions, so don’t wait too long if you want to take advantage of this program.
For more information on the program or to contact a lender offering this program, click here
Carmen Lovelace, Germantown Realtor
301-980-9300
[...] 3% Closing Help from the Bank and a $7500 FHLB Grant [...]