Do you want to own your own home, but are having trouble saving for a down payment or to pay closing costs? You are not alone! But now, there is an option to take care of that problem, and it will not cost you a dime!
Do you recall the mortgage meltdown in 2009? Well, in order to make sure this type of issue never happens again, the government created the Consumer Financial Protection Bureau in July of 2011. The CFPB was created to police mortgage lenders big and small and to initiate new disclosure forms to make it easier for consumers to understand the details of the loans they were entering into. Now what does this have to do with your downpayment?
Well, the CFPB found many infractions against many large banks and fined them hundreds of millions of dollars over the years. So where did all of that money go? Since there was no way to reimburse each individual hurt by these infractions, the government decided to fund different organizations to give back to the communities.
One such organization was the National Homebuyer Fund. This organization is now providing grant monies to qualified borrowers. So what are the details and how can you get your share?
- You do NOT need to be a first time homebuyer
- You can get up to 5% of the mortgage amount in the form of a grant.
- The grant does NOT need to be repaid!
- You must have a middle credit score of 620+
- You can use the grant in conjunction with an FHA, VA, or USDA loan.
- Your household must make less than 115% of the median income in your county. ($92,345 in Montgomery & Bucks Counties)
- You may still use the allowable seller assist for each loan program!
So what are you waiting for? Call or text Michael at 215-275-2009 for more details or send an email to Michael@MovingInMontco.com. I will be happy to explain the details and provide you with an approved lender that participates in this program. I look forward to hearing from you!