This is Just Too Good to Ignore by Jeff's Common $en$e!
The US Government (FHFA) helps banks and credit unions assist First-Time Home Buyers by subsidizing a grant for as much as $20,000 towards down payment and closing costs! This is a true grant, requiring NO repayment EVER.
As a mortgage broker, this program is not available for me to originate a loan, but it is too special a program for First-Time Home Buyers to ignore. I know my readers who are realtors will see if this works for their clientele, BUT just as important, the clients of the accountants, financial planners, and other licensed professionals who read this should be made aware of this incredible offer.
If a household earns 80% or less of the AMI (area median income) in the area where they are buying, they are eligible for the grant that requires no repayment.
Buyers in New York City may have trouble finding an affordable home, while qualifying for both the loan program & a mortgage, but buyers north of the NYC metropolitan area can have great success with this program.
领英推荐
In Rochester, New York, 80% of AMI is $77,500 a year. A household earning as little as $65,000 a year may qualify to buy a $300,000 house, with a monthly payment for principal & interest & taxes & insurance (PITI) of $2,300. The program also allows for a seller’s concession, reducing the buyer’s out of pocket closing expenses even more, allowing most buyers to spend as little as $2,000 total out of pocket cash outlay towards the purchase of the home.
If you are looking for new business, here it is! Help First-Time Home Buyers use this program to buy a home they never dreamed of being able to own. They can each become a new source of referrals.
Please reply to this post and let me know if you would be interested in attending an online webinar/zoom to learn how to identify areas & borrowers that fit the program.