Royce Team

This spring there are 2 programs opening to give Grant Money to First Time Buyers. This is money that can be used for a down payment or closing costs that doesn’t have to be paid back. The key thing to understand is that they are very popular and they run out of money very quickly (last year it was within hours). If you are a first-time buyer you should be fully prepared ahead of time. You should be talking to a participating lender by next week.

First Front Door Program. Up to $15,000 for First Time Buyers. Funds available April 22. There is a 4-hour education requirement and you must own the home for 5 years to retain the whole grant.

Keys To Equity. Up to $20,000 for Minority or First Generation Buyers. Funds available March 18. There is a 4-hour education requirement.

I can’t stress enough the importance of preparing for these dates ahead of time. Funds are expected to run out the first day. Income limits apply based on the size of your household and the area you purchase. If you are approved for either grant, you have six months to find and purchase a home. You must be approved for a loan ahead of time and your lender will submit the approved loans on the dates above, so don’t delay. We can introduce you to a local lender that can explain all the details and let you know if you qualify.