FHLB Down Payment Assitance Funds Still Available! December 2, 2011

It’s the end of the year.  Typically, there are no more funds for the fantastic FHLB (Federal Home Loan Bank) program.  And, in fact, many lenders have exhausted their funds, but I can still get you $7500 towards closing costs/down payment if you qualify for the program.

A refresher on the program requirements:

- Buyer needs to make under 80% of the area’s median income

- Can be used with FHA, VA, and USDA loans

- Property can be anywhere in the State of Maryland

- $7500 in FORGIVABLE funds, buyer needs $1875 contribution, can be deposit, home inspection, appraisal fee, etc

- $7500 counts towards the buyer’s 3.5% down payment for FHA

- Can be used in conjunction with FHA 203k Rehab loan (though additional requirements)

- Buyer must still qualify for loan

- Property must pass appraisal, but home inspection not required to be submitted with loan

Have more questions?  Interested?  Give me a call at 443-802-6864 or email at patticlick@gmail.com