$7,500 Grant Program for Anne Arundel County, Maryland
The Marcus Rice Team has just received word from a approved lender for this program just released on April 19, 2010. This southern bank participates with approved lenders to offer First Time Home Buyer Grants to purchase properties. This 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 bank 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. Not restricted by location of property
8. Locations include: Annapolis, Highland Beach, South Gate, Arnold, Brooklyn Park, Cape Saint Claire, Crofton, Crownsville, Deale, Ferndale, Fort Meade, Glen Burnie, Green Haven, Hanover, Herald Harbor, Hillsmere Shores, Jessup, Lake Shore, Linthicum, Londontowne, Maryland City, Mayo Edgewater, Naval Academy, Odenton, Parole,Pasadena, Pumphrey, Riva, Riviera Beach, Selby-on-the-Bay, Severn Severna Park, Shady Side, Beverly Beach
9. Condominiums, Townhomes, Single family detached are all allowed and can be used with any type of financing including FHA and the 203K loans.
Thanks to my lender for providing me this information: Please call or email the Marcus Rice Team for more information.
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties.
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Marcus E. Rice