First Time Home Buyer Downpayment Assistance Program !
This Program is designed for First Time Home Buyers or for those who have owned a home but have sold it three years ago or more. The qualified buyer is eligible for up to $7,500 in assistance……. the guidelines are below.
**The home MUST be owner occupied
**Homebuyer Counseling class IS required
**The minimum contribution from the buyer of their own money is $1000.00
**This is a “soft second” and it gest recorded as a lien on the property.
**There are income limitations that must be met.
**The loan does not need to be repaid provided that the borrower lives in the house for at least five years. Otherwise, it must be paid in full upon selling or refinancing the home.
**Funds can ONLY be used for down payment and closing costs and must be clearly shown on the HUD-1.
**Eligible properties are owner occupied primary residence single family, townhomes or condos.
**The loan can be used in conjunction with FHA and VA transactions.
**The borrower is allowed to use gift funds from family members.
Looking for more information ? I am happy to help ! Send me an email and I can put you in touch with a competent lender who can help you take advantage to this great opportunity.
Vicki Reyes Associate Broker/ Realtor at Remax Town Center
301-452-0157 vickiRrealtor@aol.com vickireyes.com
