Many times home ownership is a matter of working years to qualify for a home loan (clean up credit, pay down bills) only to have some disaster eat up your down payment. We might just be able to help! Did you know that we have access to Federal grant money through an approved Lender?
All programs have income restrictions (ask for Grant income Key by County and State) and are incrementally forgiven over a 5yr period. Let me know which plan you think you qualify for and I'll send you a more information specific to that program! GRANT PROGRAM First Time Homebuyer - Maximum Grant $5000 Eligible Use of Funds: Down-Payment, Closing Cost, and principle Re- duction assistance for the purchase of an ex- isting unit. Combine with FHA, USDA, or Homeready Loans. Eligible Properties: Owner Occupied 1-4 Family, Town Houses and Con-dos, Foreclosed Properties, New Construction (w/in 45day). Eligible Borrowers: Funds may only be avail-able to a “first time homebuyer” as such term is defined by HUD HOC reference guide Chapter 3, expanded to include recovering victims of catastrophic loss or natural disaster. Other Eligibility Requirements: Retention Period is 5 yrs. Income eligibility is <80% of County Area median income. Community Partners - Maximum Grant $7500 Eligible Use of Funds: Down-Payment, Closing Cost, and principle Reduction assistance for the purchase of an existing unit. Combine with FHA, USDA, or Homeready Loans. Eligible Properties: Owner Occupied 1-4 Family, Town Houses and Con-dos, Foreclosed Properties, New Construction (w/in 45day). Eligible Borrowers: Current or retired law enforcement officers, educators, firefighters, health care workers, and other first responders who are “first time homebuyers” or Non- first time homebuyers. Other Eligibility Requirements: Retention Period is 5 yrs. Income eligibility is <80% of County Area median income. Veterans Purchase Product - Maximum Grant $7500 Eligible Use of Funds: Down-Payment, Closing Cost, and principle Reduction assistance for the purchase of an existing unit Combine with VA Loans Eligible Properties: Owner Occupied 1-4 Family, Town Houses and Con-dos, Foreclosed Properties, New Construction (w/in 45day). Eligible Borrowers: First time or non-first time veteran homebuyers that are currently serving or have served in any branch of the US military, their spouses, or their surviving spouses. Other Eligibility Requirements: Retention Period is 5 yrs. Income eligibility is <80% of County Area median income. Returning Veterans Purchase Product - Maximum Grant $10000 Eligible Use of Funds: Down-Payment, Closing Cost, and principle Reduction assistance for the purchase of an existing unit. Combine with VA Loans Eligible Properties: Owner Occupied 1-4 Family, Town Houses and Con-dos, Foreclosed Properties, New Construction (w/in 45day). Eligible Borrowers: First time or non-first time homebuyers that are currently serving or have served in an over-seas military intervention for any branch of the US military, their spouses, or their surviving spouses. Other Eligibility Requirements: Retention Period is 5 yrs. Income eligibility is <80% of County Area median income. An example for Virginia of County Area Median Income (AMI) Counties: Clarke, Fairfax, Loudoun, Prince William Household size - 80% AMI: 1 person - $60,800; 2 person - $69,520; 3 person - $78,240; 4 person - $86,880 This document is not a complete description of these programs. For further information please contact Dennis Bell, Samson Properties at 703.928.4428 or Rob Suling, Pesidential Bank NMLS#790493, 703-966-9960
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Moving to Northern Virginia
Dennis Bell and a lot of folks who have helped thousands to relocate. Archives
October 2018
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