18 Feb Grant Money Available March 1st – Great Opportunity for First Time Home Buyer!
Calling all wannabe first time homebuyers. Have you been thinking for sometime, I want to buy a home but just can’t seem to save enough money? Well your time may be now but you will have to move fast! Effective March 1, the Federal Home Loan Bank (FHLB) offers a grant of up to $5,000 that can be used toward the downpayment of your home. This grant money is available in Ohio and the funds are distributed among many banks. There are qualifying circumstances that we have to consider, and the banks that have the money will dole it out as they see fit. Larger banks will often give the grant money out in smaller increments while smaller banks may give you the full $5.000. Now consider – if you purchased a $150,000 home on a FHA loan, the downpayment would be $5,000. With some skillful negotiations, we can ask for the seller to pay for your closing costs and other than needing some front money for a deposit ($500), a loan application ($400) and inspections (cost will vary), you could be sitting in your new home in the next 60 days!
Start by seeing if you qualify by credit score. Go to www.creditkarma.com and check yours for free. Anything over 640 is good! Learn more about the grant by going here: https://www.fhlbcin.com/media/1280/welcome-home-guide-2016.pdf To find out if you financially qualify, contact us today.
Now the catch, in order for you to apply for these funds, you must have a home picked out and under contract. So I would suggest that we find a bank that is willing to give the full 5k if we bring them a contract on March 1st. The money will go fast, so if you want in on this action, you need to get moving now! Interest rates are still low, so owning a home can be more affordable than renting!