Five Percent Grant Money For Purchasing A Home

Dated: 11/04/2014

Views: 1392

There is a new program available with Home Bridge Financial Services where 5% GRANT is offered: that means that Buyers can actually buy a home for NO money out of their pocket.  

The Three guidelines are
:

 1. 640 minimum Credit Score

2.
  Income must be $88,200 or below. This is combined household income.

3.
 Debt Ratio is a 45% or less:
 

EXAMPLE:                FHA Purchase 3.5% down with a seller concession of $3,000:
Sales Price:                                                                         $250,000  
Down Payment:  3.5%                                                         
$8,750
Base Loan Amount:                                                         $241,250  
Loan amount with upfront FHA MIP:                       $245,471  5% Grant is calculated on this number: $12,274 is the Grant money available for this loan.  
Money Required:  
Down Payment:                                                               $8,750
 
Closing Costs:                                                                  $2,600
 
Escrows:                                                                           $1,500
 
Origination Fee:                                                               $2,410
Total money required:                                                   $15,260  
Credits:  
Grant Funds:                                                                     $12,274
 
Seller Credit:                                                                     $3,000
                                 
Total Credits:                                                                  $15,274  

TOTAL MONEY NEEDED TO PURCHASE THIS HOME USING THE 5% GRANT PROGRAM $.0.00 AN ACTUAL CREDIT BACK TO THE BORROWER.
 The borrower’s earnest money would be refunded to them at the closing.  Please call me today, so I can further explain the benefits to you for this program.
Denver Co Real Estate- Luba Jeltov
I specialize in Denver Colorado and surrounding communities of metro Denver area. If you are selling your home I will make sure you get TOP dollar. If you are looking to purchase a home I will make sure that you get the best deal possible. Please contact me directly via phone or text at 303-817-6818.

Luba Jeltov
Exit Realty Chery Creek
Direct: 303-817-6818    
Email: luba@exitrealtycherrycreek.com       
www.lubasellsdenver.com
Blog author image

Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

Want to Advertise on this Site?

Latest Blog Posts

6 Things To Know When You Relocate To Denver

Denver has so much to offer and the world is on to all the greatness Denver provides to families, singles, young, old, internationals, and a variety of industries and demographics.  Here are

Read More

Beautiful Knolls West Townhome

7106 S Knolls WayCentennial, CO 80122Knolls West Townhomes SouthGlennFantastic townhome! Clean and inviting in highly desirable location, popular Knolls West Townhome Community! Walking &

Read More

HUTCHINSON HEIGHTS Open House

Bring your rackets! You must see this large, beautifully maintained home that backs to a park with public tennis courts! Aurora's Hutchinson Heights neighborhood is centrally located,

Read More

What Is APR Or ARMS Quick Explanation

The annual percentage rate (or APR) is the amount of interest on your total loan amount that you'll pay annually (averaged over the full term of the loan). A lower APR could translate to lower

Read More