There are two great grant programs currently being offered through Federal Home Loan Bank that grants money to assist buyers in reaching their goal of home ownership.
The first program is the Set Aside Program. This program will grant up to $12,500 to buyers for a down payment or to put towards closing costs. To be eligible for the program you must be a first time homebuyer or a community partner and meet the income eligibility which is a salary of $86,640 or less for one person.
The grant is forgivable after 5 years. If you sell your home before that then you have to repay that grant.
The second program is the Workforce Housing Plus Grant which grants up to $15,000 to buyers to use for a down payment or to put towards closing costs. You don’t have to be a first time homebuyer or a community partner to be eligible but you must meet the income eligibility which is a max of $129,960 for a one person household, $148,560 for a household of 2 and a household of 4 would be $185,640.
This is a true grant program as the funds do not need to be repaid if you sell the property.
Both of these programs operate on a first come, first serve basis and eligible buyers must have a ratified contract and a completed appraisal to be awarded funds.
For more information regarding either of these programs please reach out to the FOCUS on NOVA team or our partners at Atlantic Coast Mortgage.
Lexi Harrison
Atlantic Coast Mortgage
Mobile (703) 244-4507
lexh@acmllc.com
Hien Nguyen
Atlantic Coast Mortgage
(703) 629-4063 – Cell
hnguyen@acmllc.com
