You may have heard the term “Affordable Housing” but what exactly does that mean? If you’re in the market and have been looking, you might know that sometimes a house that’s labeled ‘affordable’ doesn’t fall within your means. This can be a real challenge, especially when the government considers housing to be affordable when it requires less than 30% of the total income used to purchase it.
The good news is, this is an issue that we care about, and we’re in a position to help. Did you know that certain grants are available to buyers that can help them get over the hump and rolling into their new driveway? We are proud that we can help you apply for these amazing grants if they are relevant to your situation: First Time Homebuyers, Community Partners Grant, Foreclosure Recovery Grant, and Veterans Purchase and Rehabilitation funding.
Here’s how they work
- First Time Homebuyers – This program allows us to assist you in accessing matched funds for the down payment and closing costs incurred when purchasing a home. For every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $5,000. Funding is available to qualified first-time homebuyers. You must simply occupy the home for five years, contribute a minimum of $1,250 towards the purchase of the home and complete a homebuyer education and financial literacy course specified by FHLBank Atlanta.
- Community Partners – The Community Partners program is a unique financial opportunity to families and individuals who make their living serving others in the community. If you are a current or retired law enforcement officer, educator, health care worker, firefighter, or other first responders who are also purchasing a home; we can assist you by matching funds for the down payment and closing costs. For every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $7,500.
- Veterans Purchase and Rehabilitation Funding - This program allows us to support eligible veterans or active-duty members of the U.S. military, their spouses, or their surviving spouses access to grant funds. It allows them to pay for accessibility improvements, energy-efficient upgrades to a home, to provide down-payment, closing-cost and principal reduction assistance for the purchase of a home to be occupied as a primary residence. No matching funds from the homeowner or homebuyer are required.
If you think that you qualify for one of these grants or would like to learn more, we’d love to connect you with our specialist in this area, Paula Owens, in our Kilmarnock office. You can reach her by email or call her directly at 804-435-4257. There is no better time to buy than right now.