Federal Home Loan Bank's 2017 Welcome Home Program kicks off March 1st at 8:30 am.
This grant program provides up tp $5000 toward the down payment and closing costs for low and moderate income homebuyers.
Reservations for the program are handled on a first come first serve basis!!
Program requirements to make a note of:
1. The total income for all occupants must be at or below 80% of the Mortgage Revenue Bond limit for the county where the property is located. Income must be included for any household member over 18 years old who is not a full time student. If no income is earned the certification of zero income document must be filled out. Click here for more info about the income requirements.
2. Homebuyers must contribute at least $500 of their own funds towards the down payment and/or closing costs.
3. Applicants do not have to be first-time homebuyers! But all those who are first time homebuyers are required to complete a homeownership counseling program.
4. Grant funds are intended for homebuyers who qualify for the first mortgage based on their own merit. In other words, co-signors and co-borrowers are not allowed unless they will occupy the home as their primary residence and their incomes are included in deterring eligibility.
Requirements to reserve funds:
1. Signed loan application
2. Signed purchase agreement
3. Standard income documentation to qualify for the loan (pay stubs, W-2's, tax returns) and/or certification of zero income if applicable
For more info get in contact with me and we can start searching for your home!
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