Am I eligible for a mortgage grant?
Grants are available for all types of buyers, not just first time homebuyers. Depending upon the area you wish to purchase your home, there are varying maximum purchase prices in order to be eligible for a mortgage grant. The same goes for income limits, however the average income limit is $117,460. Please speak with us directly and we’ll help you specify the maximum purchase price and income limit for your county.
Qualifying for the grant is based on a few factors, there are income limits, credit score minimums, and ratio guidelines that are needed. The easiest way to find out is to contact Kathleen and her team. Grants are available for FHA, VA and conventional loans. Different programs offer higher income limits, others are for targeted areas, or very low income.. There are many variables, too numerous to mention.
That’s our job! Call or complete an application and we can let you know which program best meets your needs.
No! There are no restrictions on the grant, the only restriction is that it must be your principle residence.
No! The only restriction is that you have to make 6 payments then you are free to sell the home or refinance if you wish. The loan is a 30 year fixed loan with no surprises!
The grant will cover your entire down payment for the minimum down. It will not cover your closing costs. However, you can ask the seller to contribute to help off set those costs.
The maximum income is $117,460, however, there are several ways to meet this minimum. Sometimes only putting one spouse on the loan will work. Commissions and overtime don’t always have to be included. Call us now to see if we can help! And, if you are over the limits, we have a 0% second that can help!