Thursday, March 24, 2011

Federal Home Loan Bank offers Grants up to $7,500

First Time Buyers in Maryland can get a grant up to $7,500 from The Federal Home Loan Bank in Atlanta for the purchase of a primary residence. Certain conditions must be met:

  • Applicants must complete home ownership counseling.
  • Sellers can help with closing costs.
  • The underlying mortgage will be a FHA or USDA loan.
  •  Buyer must bring $500 or 20% of the grant amount, whichever is greater.  
  • Buyer must agree to remain in residence for 5 years or partial recapture of the grant will apply.
  • Family income cannot exceed 80% of the areas median income. ($82,200 in Baltimore County).

Only a limited number of lenders are offering the program and funds are limited. Call Bob McGee at Advance Realty Timonium at 410-560-4574 for info on qualifying income in other counties and the name of a participating lender or email me at

No comments:

Post a Comment