Federal Downpayment Assistance Program Back Again! What can this mean for you?
As of July 1, 2024, the much-awaited Downpayment Assistance Program will be back to provide a huge relief for anxious buyers!
So, what is Hometown Heros and how can you benefit from the program?
Hometown Heros is a Downpayment assistance program which was originally designed to provide aid to first responders for their home purchase. Since its inception the program has opened to all professions and buyers. The high demand for this First-Time Home Buyer Assistance Program made it one of the hottest topics around relief for First-Time Home Buyers battling high interest rates in the real estate market. This program covers up to 5% of your purchase price towards downpayment and closing cost. In addition it offers a low interest rate on your first mortgage, low upfront fees, no origination points or discount points.
Improvements to the Program:
- All Professions Accepted
- Additional Incentives for those who have served
- Income Requirement Increased
- Increased the Maximum Assistance Amount from $25k to $35k
The fine print: The assistance program provides the funds upfront so you are credited at closing. The assistance is held as a second mortgage but it has 0% interest and it does not have to be paid back until you sell the property, refinance, transfer the deed, or the property is no longer your primary residence.
The best way to take advantage of the program is to apply, get the lower interest rate on your first mortgage, pay little to nothing at closing, wait until you have enough equity in the property to cover paying back the program and walk away with profit in hand.
You Don't want to miss this opportunity! The program usually runs out of funds within 45 days. The next time funds are available may not be until next year if the program funds are replenished. I'd highly recommend connecting with me and my team to get your application prepared so your loan can be approved and funded!
#SingingRealTour