800-555-2098
If you or someone you know has been feverishly looking for a home to purchase using the MSHDA Grant for first time home buyers then you luck may have run out. MSHDA unexpectedly announce the exhaustion of grant funds for first time home buyers using the $3000 credit on Wednesday the 27th at 5:00PM. Earlier in the week they sent a memo out to banks and mortgage companies announcing the final request date to be March 29th at 5:00PM however to unexpected demand for funds, they had to end the program early.
**NOTE: Grant applications are still being accepted for the $5000 credit for military veterans. Call for details.
Now the the funds are gone you may need alternatives to the grant money. We are offering our clients no down payment mortgage options and addressing buyers case by case. Rather than using the funds for use as a down payment, home buyers may be eligible for zero down loans which accomplish the same goal; no money out of pocket.
Additional alternatives to the grant funds include seller concessions with purchase offers. Although buyers may have limited funds saved, they may not have enough to cover both the down payment plus closing costs of a new home purchase. When placing an offer on a home, requesting that the seller pay closing costs may be the key to home affordability.
Lastly, clients may be able to receive lender credits or money to be credited from the bank or mortgage company to cover the expenses of buying a home. For more information on this program read our recent article on Tips for Cheap Closing Costs for Buying a Home. This article explains how, if a buyer is working with a flexible lender, they may have the option of a zero cost loan where the mortgage company would credit back money to cover all closing costs and possibly even prepaid items such as taxes and insurance.
Alternatives to First time home buyer MSHDA grant
To discuss additional options and eligibility for zero down loans, call a Riverbank loan officer today at 800-555-2098 or request information below.