First Time Home Buyers Grants for the Military ~ Hampton Roads Real Estate Ramblings

First Time Home Buyers Grants for the Military

Thursday, September 8, 2011

Hello Hampton Roads,

I hope you all weathered Irene okay and are transitioning easily from summer to fall!

I wanted to pass along a great opportunity for active duty personnel, veterans, retired military, or homeland security employees-- up to $5,000 in grant money for first time home-buyers!
Essentially, the funds can be used for down payment and closing costs, and in addition to being in the military and being a first time home buyer, there are income limits which must be met.  Gross income can be no more than $55K/yr or no more than 80% of your community's median based income, based on family size.

For our area, FY 2010 Income limits are a median income of $68,200 and an income limit of $54,550 for a family of four.  This holds true for all seven cities of Hampton Roads.

The way it works is that an applicant must contribute at least  $500 of his or her own funds and the Dream Makers Grant will match those funds 3 to 1. The applicant's down payment with the Grant must equal to a 3% down payment based on the purchase price.  Another great thing about this grant  is that it can be used with any 30yr fixed rate mortgage from a financial institution of your choice!

You can apply online or download an applicantion and fax or email it.
http://www.pentagonfoundation.org/site/PageServer?pagename=dream_index

Interest rates are as low as ever and now is a great time to take advantage of this opportunity!

If you need help or have any questions, please contact me.


Thanks for Reading,


View Liz Schuyler- CDPE, SFR, e-PRO's profile on LinkedIn
_________________________  
Serving your Hampton Roads and Virginia Beach Real Estate needs.

0 Comments: