Home Buyer Grants Now Available in Hampton Roads
Home buyer grants are now available in Hampton Roads—these programs can
help make buying a home more accessible and affordable for many people. With so
many buyers, especially first time home buyers, being priced out of the market,
it’s important to know what
resources are available to help make the process less expensive.
The two programs I am excited to tell you about were funded last week
(January 19, 2021). They are the
First-Time Home Buyer’s Product and the Community Partner’s Product from the Federal Home Loan
Bank (FHLB) Atlanta. Funding generally becomes available towards the beginning
of the year and funds are used on a first-come, first-served basis until the
money runs out. These programs offer generous grants which can be used to
purchase one- to four-unit owner-occupied properties, and are fantastic
opportunities to help get people into houses!
Here’s how they work:
First Time Home Buyer’s Product
- Who’s eligible? As the name implies, buyers must be first time buyers which means that they’ve either never bought a home or if have bought a home, it was over 3 years ago.
- What is the maximum grant
? $7,500.00—this is an increase from $5,000.00 from previous years.
- Wha is the Min
contribution? $1,000.00 –-buyers are required to put in at least $1,000.00
of their own funds towards the purchase and this can be in the form of
earnest money (EMD), items paid outside of closing such as an appraisal,
or it can even be a gift from family.
- How can the funds be
used? For down payment or closing costs.
Community Partners Product
- Who’s eligible? This program is available to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders; veterans and active-duty members of the military or their surviving spouse; and COVID-related essential workers who are purchasing a home. Qualified buyers do not need to be first time home buyers.
- What is the maximum
grant? $10,000.00
- What is the minimum
contribution? $1,000.00 –again this can be in the form of EMD, items paid
outside of closing or a gift.
- How can the funds be
used? For down payment, closing costs or for rehab costs incurred when purchasing
a home.
Please note that for both programs, buyers must live in the property as
their principal residence and income limits do apply and are set to 80% or less
of the area’s median income based on family size.
I have personally assisted buyers using these funds and would be happy to
help you as well! For more information and to see if you qualify, feel free to
contact me: https://calendly.com/liz-schuyler
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View Hampton Roads Homes for Sale here: https://www.hamptonroadsrealestate.us/
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