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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.