First Time Home Buyer Special Financing matching Grant Loan by FHLB

Updated July 10, 2023

1st Time Home Buyer matching Grant. Recieve up to $12,500 in a 4:1 Matching Grants! You contribute $3125 and recieve $12,500.

Program Features:

4:1 Matching Grant Special Financing from Federal Home Loan Bank forgiven at a rate of 20% per year.
Matching Grant requires Borrower puts in 25% of the down payment to receive the matching down payment assistance Grant.
This Down Payment Grant can be used with either an FHA, USDA or a Conventional mortgage loan.
Buyer must be First Time Home Buyer or hasn't owned a home in most recent 3 years.
Primary Residences only.
FHA, USDA or Conventional Mortgage Lender credit available.
No Bank Statements needed.
Maximum purchase price not to exceed the FHA limits in the counties being considered.
Household Income must be at or under 80% of the HUD Median Income for the county where the property is located. Additional non-earning people living in the house substantially raises the HUD County income limits, children included.
1-hour Mortgage Counseling conversation with FHLB required.
Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage, or law and Agency guidelines.
No Bankruptcies in last 2 years and no foreclosure last 3 years for FHA version.
No Bankruptcies in last 4 years and no foreclosure last 7 years for Conventional version.
Minimum middle credit score 640
Can be used with FHA DU, Conventional Freddie MAC LP AUS only, not Fannie Mae DU AUS.
Maybe combined with VA Loans written by same Lender.
No Prepayment Penalty Fee if First Mortgage loan is paid out early.

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