Sunday, January 6, 2013

First Time Home Buyer Grant

There is a terrific grant available for first time home buyers.  This grant will give a home buyer up to $5,000 to use towards down payment, closing and prepaid costs.  There is no repayment required.  Act fast as there is only $15,000,000 available.

  • First time home buyer (cannot have owned a home in the past 3 years)
  • No income requirements
  • Purchasing a single-family/one-unit, owner occupied, primary residence.
  • No lien or repayment required
  • No sales price limit
  • Funds can be used for closing costs, prepaids, and down payment.
  • Grants for non-military homebuyers are $3,000.
  • Grants for active military and veterans are $5,000.
  • Neither grant can exceed 25% of the purchase price.
  • These grant funds may be used with any loan type except 203K loans and may combined with MSHDA’s Down Payment Assistance.