With housing costs on the rise and home sales continuing strong into the winter despite the average prices of single-family homes increasing on a national average to around 191k, interested buyers are out in force.
Interest rates are still hovering below 4%, which makes for a great time to purchase a home before rates increase. However many home buyers may feel that buying a home may be out of reach due to the amount needed for a down payment.
For qualified buyers, this is where Home$tart can step in to help.
By allowing potential home buyers to take advantage of grant money that is set aside for qualifying people, many people will be able to purchase their first home.
Home$tart funds will be available beginning January 1st, through Liberty Bank to all qualifying home buyers.
Including first-time home buyers and those who have previously owned a home, funds will be distributed on a first-come-first-served basis.
This federally funded grant helps to promote homeownership by helping homebuyers earning up to 80 percent of area median income, adjusted for family size, purchase a home.
The grant program makes it possible for people who would like to purchase a home but who may not otherwise be able to come up with funds needed for a downpayment or closing costs.
The Home$tart Program provides $3 for every $1 of a home buyer’s funds up to $5,000.
Home$tart grants may be used for down payments, closing costs, or rehabilitation of an owner-occupied housing unit
Condominium or cooperative housing unit are also included and may be used as the home buyer’s primary residence. Grants may be used in combination with funds from other sources.
Since their inception in 1995, Home$tart and Home$tart Plus have granted $43.2 million to help more than 8,700 first-time home buyers purchase their first homes (as of November 1, 2012).
Contact us today to get more information about this program