$7,500 Grant for Maryland Home Buyers

$7,500 Grant for Maryland Home Buyers

We received this email notice from Joanne Blum at Monarch Mortgage.

 Spring is wonderful for home buyers.

Monarch Mortgage is an approved lender for this program just released on April 19, 2010. The Federal Home Loan Bank of Atlanta participates with approved lenders to offer First Time Home Buyer Grants to purchase properties and he money can be used for down payment and closing costs. Here are some of the highlights of the program;

1.       Available to first time home buyers only (have not owned a home for 3 years)

2.       Owner occupied properties only

3.       Income restrictions- 80% of Area Median Income

4.       Homebuyer counseling required ( No fee to buyer)

5.       Buyer must have $500 into the transaction

6.       The funds available are a 5:1 match. For every $1 the buyer puts into the transaction the FHB puts up $5. Up to a maximum

of $7,500. A borrower who puts $1,000 can get $5,000 from the grant program.

7.       This grant is Non payable if the buyer lives in the property for 5 years, if less than that there is a recapture amount paid back

8.       Not restricted by location of property

Condominiums, Townhomes, Single family detached  are all allowed and can be used with any type of financing including

FHA and the 203K loan.

Income Limit    $ 82,160  for Montgomery County, Frederick County and Prince George's County, MD.

Income  Limit   $ 65,680  for the following counties: Anne Arundel, Baltimore, Carroll, Howard, Harford

Income Limit  $ 51,360   for Washington County

Thanks to Joanne for providing this information.

Joanne Blum, Sr. Loan Officer

FitzGerald Financial Group / Monarch Mortgage

600 Jefferson Plaza Suite 400, Rockville, MD 20852

Direct: 240-403-1862; Cell: 301-943-6567; Efax: 866-955-9586; jblum@monarchmtg.com

Web: www.Blumloans.com