Real Estate Article:
A new down payment assistance program for FHA loans is available, and it’s called the FHA Advantage program. This down payment assistance comes by way of a completely forgivable grant equaling 2% of the purchase price of a home, which makes the total downpayment needed from the FHA borrower just 1.5%. There are three ways that a borrower can be eligible for the program.
- First time Homebuyer
- Current, retired, volunteer or non-paid
- a.first responder (police officer, firefighter, public safety officer, paramedic, EMT
- b.Educator
- c.Medical Personnel (doctor, nurse, phlebotomist, pharmacist, Red Cross worker, or similar)
- d.Civil Servant
- e.Military Personnel
- If not one of the above, then the total borrower’s income must be equal or less than 140% of median area income. (The current median income for Worcester County is $56,773.)
Buyers using the FHA Advantage downpayment assistance program may still request a seller to pay up to 6% towards the buyer’s closing costs. This program is offered by approved governmental entities, and can be combined with either FHA 203(b) loans or any FHA renovation loans.
One local lender who is offering this program is Professional Mortgage Services, Inc., and President, Brett Wolf, said, “This is such a great program that can help more buyers get their foot in the door with less money down. Also, the 2% forgivable grant can be coupled with Professional Mortgage Services contribution of $750 for local Heroes.”
Lauren Bunting is an Associate Broker with Bunting Realty, Inc. in Berlin, MD.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
