Charles County MD and PG County MD Home buyers-Do you want a home buyer grant for up to $7500? Many of you probably do. So who is giving out this home buyer grant for up to $7500? Federal Home Loan Bank. Federal Home Loan Bank (FHLB) provides up to $7,500 in matching funds per eligible household for down payments and closing costs. The bank has set aside approximately $11 million dollars of funds for the 2010. Since 1999,FHLB has funded over $59 million in FHP dollars to help more than 9,700 families purchase their first home.
Qualifications: The qualification criteria includes being a first time home buyer(if you haven't owned a home in three years,you qualify as a first timer.) Your minimum contribution is $500 and that your annual income is less than 80% of the median home income on household size. If you qualify for the home buyer grant,you are provided the grant at a ratio of 1 to 5. Ex: If a buyer has $500 of their own money,they are eligible for $2500. If a buyer has $1,500 of their own money,they are eligible for $7,500. Besides the loan amount qualifies as a "Forgivable loan after five years of stay.
If you are sell or refinance your home before five years,you will have to pay back the $7,500 home buyer grant to the Federal Government. If you complete the five years,you don't need to return the money.
Time is of the essence: The money will run out for the FHLB by September 2010. So if you are looking to buy a home in either Charles County MD,PG County MD,St.Mary's County MD or DC,to qualify for the home buyer grant ACT NOW BEFORE THE MONEY IS GONE.
For more information on the home buyer grant,please give me a call at your earliest convenience. Or you can call Eric Strasser of Suntrust Bank at 301-517-5434 or BJ Matson of Suntrust Bank at 301-257-1270. Click on this link if you know anyone who is looking to Get pre-approved for a home loan in Charles County MD and PG County MD.
Start your home buying search here for Charles County MD Homes for sale
Excellent information for consumers, Lanre. Too bad they don't have any money for Anne Arundel County, where I work.
That's very good information, Lanre. I need to find out if that program is available in Santa Clara County, California.
This is great info. I am going to reblog this.
Dr. Stacey-Ann Baugh (EOP Real Estate, LLC)- Hello Dr.Stacey. Please share it with all of your clients. And thank you very much for the re-blog.
Lottie Kendall, CA DRE#01215160 Seniors Real Estate Specialist (RE/MAX Today)- I believe it is available in California also. Thanks for your comments.
Margaret Woda- I think they still do. If I find out,I will definitely let you know. Thanks for your comments.
yes, it's available in Anne Arundel County. All of Maryland, Virginia, D.C.
Excellent info I wish we were offering the grant!
Thank you Lanre for this informative. If I am a buyer, I would choose you to be my Agent.