A new first-time homebuyer grant has been announced by Fannie Mae, and now available in Atlanta, GA.
This grant is designed to provide a grant of $5,250 to eligible first-time homebuyers who qualify for a conventional loan and currently reside in an approved tract for the program.
Taking advantage of this grant is a no-brainer.
For instance, this program does not have any income limits and accepts credit scores as low as 620. Unlike many down payment assistance programs, these funds are grants that don’t require repayment and are not recorded as second mortgages on your home.
Another really great thing about this grant is that it can be used for the down payments or the closing costs, or both. It was created to fulfill the Community Reinvestment Act’s requirements, which include lending within specific low to moderate income census tracts. Contrary to expectations that it might be limited to less desirable locations, the program is actually available across 452 census tracts in 17 counties in the Metro Atlanta area.
One of the main eligibility factors is that it’s determined not by the location of the home being bought, but rather by where you presently reside.
We’ve helped many clients obtain this grant and it’s proven to reduce the out of pocket costs of our clients. For example, one of our clients who took advantage this past year was able to buy a home in Atlanta even though she was a short on funds. The grant was able to make up the difference and helped her use the rest to reduce her interest rates.
If you are interested in taking advantage of this grant, simply sort here and our team of Mortgage Advisors in Atlanta will check if you are eligible.
