First time buyer grant money is now available in the DC area. There are several sources of this money. The amount can be as high as $7,500. It almost sounds to good to be true! There must be a catch. Right? Well, there is no catch, you only need to qualify for a loan from one of the lenders participating in the plan. This is grant money. After you live in the home for five years, it is completely forgiven. (If you move prior to five years, it is forgiven on a pro-rated basis).
Who is funding the plan? Well, actually the Federal Government is supporting the First Time Buyer Grant Money program by funneling the money through designated lenders across the country. If you wish to make contact with one of the lenders, information is available at Home Buying Help.
When is the money available? The limited funds for the First Time Buyer Grant Money have been allocated for this year. Each lender has a specific amount of money for the program. Once they run out of funds, they must wait until either a possible re-replenishment from the government or the funds are released next year. In my experience, the funds usually last until fall. The lenders that I work with have all reported that there experience has been the same.
What does it take to qualify? As I mentioned, the first requirement in receiving the First Time Buyer Grant Money, you have to qualify for a loan (this includes FHA loans). There are income limits. There is a limit to the amount of home you are seeking to purchase. These limits and amounts vary and you need to actually speak with someone to see if you qualify.
Where do I find out more about the First Time Buyer Grant Money that is now available? Information about the grant is available at Home Buying Help.
Why haven’t I heard about this First Time Buyer Grant Money before now? Possibly, you have not had the chance to deal with a real estate agent that understands all the facets of working with a first time buyer. The choice of a lender, the selection of a home and the process between your offer and closing take skill. Experienced agents know there is more to helping a buyer than sending them emails of homes and taking them out on weekends.
How do I take advantage of this First Time Buyer Grant Money? Well, your first step is to speak with one of the local lenders that has access to the funds. ( Contact Now ). Once qualified, the money can be used for down payment and/or closing costs on your new home.
First time buyer grant money is now available. If you are interested in learning more, contact me at 301-509-5111.