Down Payment money is out there.

$20,000 - $50,000 Forgiveable Grant

for First Time Home Buyers!

Home Loan Grant Requirements

30-year fixed-rate mortgage loan.

Property must be in a qualifying market in California, New York or New Jersey.

Must secure the loan with a first lien on a 1- to 4-unit home that is the borrower’s primary residence.

Minimum 660 credit score required.

Income limits apply and vary by area.

Borrower must complete a HUD-approved homebuyer education course.

Complete the form to learn more

Loan and Credit Terms

All loans and lines of credit are subject to credit and property review and approval. Loans must be secured by a first lien on a 1- to 4-unit residential dwelling. Additional terms and conditions apply. Not all applicants will qualify. All stated rates, terms, and discounts are subject to change without notice.

Grant Conditions:

If receiving a grant, you may not receive cash back at closing. The lender grant is available only on closed transactions when all conditions have been met. Borrowers may receive only one grant every 36 months. This grant is non-transferable, cannot be applied retroactively, and may not be redeemed for cash. Additional terms and conditions apply. This is not a loan approval or a commitment to lend. Depending on your tax situation, the grant may be taxable income to you. If taxable, Preferred Lender will send a tax reporting form. Preferred Lender does not give tax advice. You should consult with a tax advisor on the potential effects of the grant on your taxes. The property must be in a qualifying market in California, New York, or New Jersey.

Down Payment Requirements:

A minimum 3% down payment applies only if the property has one unit and all borrowers live in the property. A minimum 5% down payment is required if the loan has a borrower who does not live in the property. A minimum 15% down payment is required for all 2- to 4-unit properties. As of June 20, 2024, a loan with a 3% down payment, $400,000 loan amount, and an APR of 7.88% will have a monthly principal and interest payment of $2,866 for 360 months. This monthly payment does not include homeowner’s insurance or property taxes. Actual payment obligations will be greater.

Loan Limits:

This Home Grant follows the loan limits published by the Federal Housing Finance Agency, and these limits vary by location.

DISCLAIMER:

At Sophis Real Estate, our commitment to integrity and transparency is unwavering. We strictly adhere to the Real Estate Settlement Procedures Act (RESPA) regulations, ensuring that all transactions are conducted ethically and legally. Our agency does not receive any monetary compensation or incentives from third parties, thereby eliminating any potential conflicts of interest. As your trusted real estate agents, we act exclusively in the best interest of our clients, prioritizing your needs and goals above all else. Your trust and satisfaction are our highest priorities.