$2,500 is now available to be used toward buying a home if your income is below 50% of the median income for your area. Here are the facts:
This is a true grant from the U.S. government housing agency. You do not pay it back.
The $2,500 goes toward your down payment or loan costs, it is not given to you as cash.
To see if you qualify, Google “median income for <zip code>.” Then see if your income is below half of that. For example, the median income for Wenatchee, WA 98801 is $70,800. If your income is $35,400 or lower, you qualify for this grant.
This is for owner-occupied homes, not rentals or investment properties.
How to Get the Grant
This grant comes from the Congress-chartered company referred to as Freddie Mac. They provide money to banks and mortgage lenders. You get this grant from any bank or mortgage lender that uses Freddie Mac money.
Call and ask, “Do you have the new $2,500 grant from Freddie Mac?”
Low Income, not Low Credit
To get the grant and buy a home, your credit must qualify and you must be able to afford the proposed house payment. If your rent is the same as a mortgage payment, I encourage you to look into this with a local mortgage broker.
