First Time Home Buying Help (Money)

The Federal Home Loan Bank (FHLB)         

       First Time Home Buyer Grant

         UP TO $7500 DOWN PAYMENT FUNDS AVAILABLE NOW!! ANY COUNTY!!

• Buyers must be First Time homebuyers (could not have owned a home 3 yrs prior to purchase)     
• Maximum amount is $7500 per household.                            
• Grant is awarded on a 1 to 4 ratio.  For example:  If a Buyer has $1,000 of their own money, they are eligible for $4,000.  If a buyer has $1875 of their own money, they are eligible for $7500. 
• Minimum buyer contribution is $1,000.00     
• Property must be owner occupied           
• Forgivable FHP Subsidy after 5 Years – Must occupy the property for a period of 5 years, or subject to recapture provision and must be repaid.
• Income must be less than 80% of the median home income on Household size (this includes any person(s) living in the household) 
• Subject to credit approval

 Great program for first time buyers, call 703-943-7844 if you are preparing to buy so we can find you the right lender.

Freddy Solis
Realtor
www.freddysolis.com
Tweet


Finding And Obtaining Grant Money

Short Sales are Looking Better

New guidelines for new short-sale rules
The new short-sale rules

What sellers can expect from participating lenders starting in April:

The new short-sale rules

Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.

The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion.

Lenders must approve or deny a purchase offer within 10 days of it being submitted.

Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven.

These mortgage payments will not be shown as late on credit reports.

At closing, sellers are entitled to as much as $1,500 from the government to cover relocation expenses.

Have a home you want to sell call my direct line 703-943-7844 to get more details of these new guidelines that become effective 4/5/2010

Freddy Solis
Realestate.com Realtors®
Capital Region
e-mail: homes@freddysol­is.com
Cell: 703-943-7844
www.FreddySolis.­com