Federal Home Loan Bank’s $7,500 First Time Buyer Grant is back for many qualifying individuals.
Brian Picker, one of my mortgage partners from 1st Mariner Mortgage, announced the return of the program and his company’s involvement in it.
Here are particulars on the grant qualifications from the information he sent over to me:
• First Time Buyers Only (cannot have owned a home in the last 3 years)
• Income Restricted to 80% of the area Median Income, based on Family size
– All occupants over 18, income considered. Example – (1 person = $45,000 2 person = $52,000, etc.)
• 5 for 1 Matching Funds – UP TO $7500 Grant.
– Buyer would need $1500.00 in the deal to get maximum allowed $7500.00.
* Forgivable Grant over 5 years – pre-closing housing counseling required.
* Funds CAN BE USED as Down payment requirements – for F.H.A. Loans
If you have been considering buying your first home in Towson or anywhere in the Baltimore real estate area, contact me, and Brian & I can help you figure out if this program will work for you!