The Federal Home Loan Bank of Atlanta participates with approved lenders to offer First Time Home Buyer Grants to purchase properties and the money can be used for down payment and closing costs. 1stMariner Mortgage is a participant of this program. Here are some of the highlights of the program;
- Available to first time home buyers only (not owned a home in the last 3 years)
- Homebuyer counseling required
- Owner occupied properties only
- Income restrictions- 80% of Area Median Income
- Income Limit $ 82,160 for Montgomery County, Frederick County and Prince George’s County, MD.
- Income Limit $ 65,680 for the following counties: Anne Arundel, Baltimore, Carroll, Howard, Harford
- Income Limit $ 51,360 for Washington County
- Buyer must have $500 of their own funds in the transaction
- The funds available are a 5:1 match. For every $1 the buyer puts into the transaction the FHB puts up $5. Up to a maximum of $7,500. A borrower who puts $1,500 can get $7,500 from the grant program
- This grant is Non payable if the buyer lives in the property for 5 years, if less than that there is a recapture amount paid back
- No geographical restrictions
Condominiums, Townhomes, Single family detached are all allowed and can be used with any type of financing including FHA and the 203K loan.
Give me a call or text at 301-980-9409 or send me an email if you want more information or wish to speak with a loan officer about this grant program.
(c) 2011 Susan Pruden