• Federal Home Loan Bank Down Payment Assistance Matching Grant

Federal Home Loan Bank Down Payment Assistance Matching Grant

  • Provides 4:1 matching funds up to $5,000 for Borrowers not involved in the occupations below.
  • Provides 4:1 matching funds up to $7,500 for those involved in Public Safety, Medical, or Education.
  • The Grant is completely forgiven if the Buyer resides in the home for 5 full years. The Grant is forgiven at a rate of 20% per year.
  • Buyer must be First Time Homebuyer or hasn't owned a home in 3 years.
  • Primary Residences only.
  • Lender credit available.
  • No Bank Statements needed.
  • Maximum purchase price not to exceed the FHA limits in the counties being considered.
  • Household Income must be at or under 80% of the HUD Median Income for the county where the property is located.
  • 1 hour Mortgage Counseling conversation required.
  • Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
  • No Bankruptcies in the last 2 years and no foreclosure last 3 years.
  • Minimum middle credit score 620
  • Can be used with Conventional Freddie MAC LP AUS only not Fannie Mae DU AUS.
  • Maybe combined with VA Loans written by the same Lender.
  • No Prepayment Penalty Fee if the loan is paid out early.