The State of Maryland supersized their Grant Assist Program - This new program will help many buyers throughout the State of Maryland. Initially the program was rolled out to help with ONLY the closing costs. But, they have just changed it so that the 4% can be used towards down payment and/or closing costs. This is HUGE news - if you are a buyer with a minimum 640 credit score. You could have your entire down payment covered by using this program, instead of the flat $5,000 the State offers through the CDA program. Example: If you are a buyer who wants to purchase a home for $300,000. The minimum you as a buyer have to contribute is 3% for the down payment. The Grant Assist program will cover that ENTIRE down payment. The seller agrees to give 3% for closing costs. The program will also cover another 1% towards closing costs for a total contribution of $12,000. And viola, you are in with no money out of your pocket! Grant Assist Funds - The Grant … [Read more...]
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