First Time Home Buyer Grant Program - DC, MD, VA, NC, SC, GA, FL or AL

By
Education & Training with Retired Real Estate Broker, Maryland Blogger
http://actvra.in/rD4

First Time Home Buyer Grant Program

The Federal Home Loan Bank of Atlanta (FHLBA) 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. No monthly payment is required!

Highlights:

1.    First Time Home Buyers only (not owned a home for 3 years)

2.    Owner Occupied properties only

3.    Income restrictions - 80% of Area Median Income

4.     Non-Occupant Co-Borrower’s are allowed. Does not count towards income restriction!              

5.     Home buyer counseling required (No fee to buyer)

6.     Buyer must have minimum $1,000 of their own funds into the transaction

7.     The funds available are a 4:1 match. For every $1 the buyer puts into the transaction the FHLBA matches with $4 up to a maximum of $5,000. A borrower who contributes $1,250 can get $5,000 from the grant program.

8.     This grant is not repaid if the buyer lives in the property for 5 years. If less than 5 years there is a recapture amount to pay back

9.      Single Family, Townhome or Condominium

10.    FHA or VA

11.    Property located in DC, MD, VA, NC, SC, GA, FL or AL.        

Presidential Bank Mortgage is an approved lender for this outstanding program.

For More Information, Contact: Joseph F. Salisbury   Office: (301) 590-8911 ext. 209, Manager                                                          Cell:    (301) 706-7475 NMLS# 525752 joe@presidential.com

Our thanks to Joe for providing information on this program for first time home buyers.

Have a great weekend and be sure to have your camera in hand to capture those special moments.  Please share photographs from your favorite places in the comments for this post.

Dahlias at Brookside Gardens IMG_5771

Photograph by Roy Kelley

Roy and Dolores Kelley Photographs

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Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



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Rainmaker
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Judith Parker
CRS, GRI, CMRS, Charlotte, NC
ProStead Realty

Hi Roy, I will have to check with my lenders to see if they are aware of this program for it sounds great.  Thanks for sharing.

January 21, 2012 08:02 PM
Ambassador
1,384,289
Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals
In Dutchess Columbia and Ulster Counties
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Roy an assistance for first time buyers is a great idea.  In my marketplace first time buyers are the once buying houses these days.

January 21, 2012 10:49 PM
Rainmaker
779,373
Al Raymondi
Ormond By The Sea Florida - Home and Condo Sales a
Ocean View Realty Group in Ormond By The Sea Florida

Thanks for getting us the info on this program Roy, I'll be checking with local lenders to see who is participating.

January 22, 2012 08:34 AM
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Barbara-Jo Roberts Berberi
Palm Harbor Florida Residential Real Estate
Charles Rutenberg Realty

Great information indeed, Roy. I have helped people use these first time homebuyer programs as well.

January 22, 2012 10:57 AM
Rainmaker
1,762,932
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

Thanks so much for your comments.  

Have an outstanding week!

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Photograph by Roy Kelley

Roy and Dolores Kelley Photographs

January 22, 2012 11:16 AM
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