Grant monies are back!  The Federal Home Loan Bank replenished their funds for 2016.  They are limited though and will go very fast because the grant is very popular and easy to obtain for buyers.   Federal Home Loan Bank offers $5,000 to first time home buyers if they contribute a minimum of $1,250 into buying their home.  And those monies can actually be gifted as well.  Buyers can actually contribute less monies but their grant will be reduced because it is based on a 4:1 ratio.  For example, if a buyer wanted to obtain $2,500 of grant monies then they would only have to contribute $625 or half of the $1,250.  And the fees they pay upfront can be used to meet their contribution so the earnest money deposit and appraisal fee can be used towards their minimum contribution.   Here are some other reasons to consider this grant over the other grant programs if a buyer's income qualifies under it.  The grant is forgivable after 5 years entirely.  If a buyer vacates … [Read more...]