Posted by Need help with down payment assistance and closing costs? Eligible borrowers receive a $7,000 first time buyer grant using this special Conventional loan program. These funds can be used for down payment and/or closing costs.
Grant For First Time Buyers $7,000
Eligible first time homebuyers receive $7,000 in a first time buyer grant toward down payment and or closing costs for their home purchase. Housed Home Loans has partnered with Fannie Mae using the Home Ready First program to provide this assistance. $5,000 from Fannie Mae and $2,000 from Housed Home Loans.
A first time homebuyer is someone who has not owned a home for the past 3 years. Only one of the borrower’s on the loan needs to be a first time buyer for this program. They must also meet eligibility requirements discussed below. The minimum down payment requirement for the Home Ready First program is just 3%.
No Repayment of $7,000 First Time Buyer Grant
The best part – buyer’s do not repay the $7,000. The money is theirs to use without any repayment obligations. Many Arizona down payment assistance programs require the funds be paid back. Even when the funds are not repayable, buyers often must stay in a home for a certain period of time to avoid repayment.
Home Ready First is unique. The first time buyer grant funds are not repayable. Instead, buyers may use the funds toward down payment and/or closing costs without worrying about having to repay the funds.
Who is Eligible for the $7,000 buyer assistance?
Eligibility for the $7,000 first time buyer grant depends on where the borrower currently resides. Housed Home Loans can help determine whether or not you are eligible. For most down payment assistance programs in Arizona, the address of the home being purchased dictates eligibility. However, this program is unique in that it uses the borrowers current address listed on the application.
No Income Limits
Unlike the standard HomeReady loan, HomeReady First has no income caps. This means borrowers are not restricted or eliminated from using the program based on their income. Instead, eligible first time buyers can receive the $7,000 first time buyer grant regardless of their income.