Not a lot of first time home buyers are aware of this program. It is a great program that gives you up to 4% of your purchase price which can be used as a down payment or closing costs. It comes in the form of a grant which is forgiven after 5 years. The current interest rate as of today is 6.125 which increases based on the grant amount you take. If you take a 2% grant the rate increases by .375 3% grant .5% 4% grant .75%. This is great first time home buyers (who have not owned any real estate in the last 3 years) who are short on closing costs or down payment but want to live the American Dream. Income requirements for a family of 1 or 2 is no more than 81,900, for a family of 3 or more 94,185.
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