Charitable purpose and objective

We apply the funds of at our discretion and in accordance with these charitable purposes and objectives.

We have appointed staff to consider the distribution of grants and to make a decision in accordance with these charitable purposes and objectives.

Eligible Individuals

You must be a first-time buyer to receive the grant.

You are also not eligible if you owned a home for the last three years. You must keep the house at five years in order for the grant to be forgiven.

The priorities for giving grants will be reviewed by us every year and may be changed depending upon circumstances and the perceived effectiveness of the application of the funds. Any change to these priorities must still fulfil our charitable purpose and objectives.

Eligible Property

The following property are eligible for grants: 1-4 units, condos and planned-unit developments; and manufactured homes, which are eligible with certain restrictions.

Grant as a second lien

The Grant will be a second lien on the house but with no payment or interest. It will release after five years.

The grants available to 50 states

Your Income

In order to receive the grant income must follow the following schedule:

  • 80% median income get $1500.
  • 50% median income will get $3000.

To determine your income qualification, you have to go to the website of Freddie Mac home possible, put in your address, then see your income qualification.

Use of Grant

You can use the grant for all programs such as VA loan, FHA, convention, home ready or home possible.

Your payments

You must pay $99.00 for Counselor fees and must fill out the first-time buyer form.

Down Payments

Down payments can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity.

Loan to Value (LTV) Ratios

We offer a Low-down payment with a maximum of 97% LTV, 105% TLTV with Freddie Mac’s Affordable Seconds®, and 97% HTLTV for 1-unit properties.

Mortgage Insurance

Mortgage insurance (MI) on 1-unit properties can be cancelled after loan balance drops below 80% of the home’s appraised value and cancellation criteria are met. MI coverage requirements are reduced for LTV ratios above 90%.

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