Federal Programs Help First Time Buyers With Down Payment Costs
We always want to keep you aware of great programs to help people purchase homes. Our friend, Steve Rockerfeller from George Mason Mortgage, just let us know about these awesome programs for first time buyers. As always we want you to make the best decision possible, but now is a great time to consider purchasing your home but it is worth it to investigate these down payment or closing cost assistance programs.
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Here is what Steve had to say:
"The Federal Home Loan Bank Program enables first time buyers to help conquer one of the most challenging aspects of the home buying process, saving for a down payment or closing costs. The program provides participating lenders with an annual bank of $1,000,000 in grant funds. Once the lender is out, there are no more funds available until the following year. The program allows for up to $5,000 for first time home buyers, up to $7,500 for community partners such as Law Enforcement, Fire Fighters, Health Care professionals or Educators. Even our Veteran buyers can qualify too. The program provides our Veterans from any branch of the military and the National Guard along with those injured while on active duty and surviving spouses with up to $7,500 in assistance. Don’t wait, remember when the money is gone, it’s gone."