Are you currently renting a home because you can’t afford a down payment? You might be eligible to receive government assistance in the form of a grant equal to 2% or 3.5% of the purchase price of your new home to cover your down payment. Down Payment Assistance may be combined with up to 6% seller concessions to cover closing costs. The best part is, you only need to meet one of the requirements below to qualify:
- First-time home buyer
- Total borrower’s income is equal to or less than 140% of the median area income (https://ami-tool.fanniemae.com/amilook-uptool/)
- Eligible properties are located in an underserved census tract (https://www.afrcorp.com/zip-code-lookup/)
- Any borrower on the loan application is or plans to become a current, volunteer, retired or non-paid:
- Educator
- First-responder, including volunteers or similar
- Military personnel
- Medical personnel
- Civil servant in a federal, state, or local municipality
Reach out to me today so I can answer any questions you have about purchasing your new home.
Brooke Sheehan
Loan Officer
(203) 217-2815
NMLS# 2067187
