If you are a First Time Home Buyer looking for a Grant to help pay for your Closing Costs you’re in luck, because Fannie Mae has a Grant Program that will give First Time Homebuyers a $5,000 Grant towards their closing costs when purchasing a Primary Residence. 

In addition to the $5,000 grant, qualified borrowers will also get a $500 credit towards their  appraisal fee.

Down payment minimum is only 3% for this program.

Minimum credit score is only 620 for this program.

There are no income limits for this program, so even if you are a high income earner, you may be able to qualify.

Normally, with conventional financing, sellers can only pay 3% towards buyer closing costs, but with this program, sellers can pay up to 5% of the purchase price towards buyers closing costs. If you negotiate that in your contract.. Any credit from the seller would be in addition to the $5,000 grant and the $500 appraisal credit. 

Please note that the minimum requirements above do not guarantee that you will be in an area that is approved for this grant. We will need to check your current address in the Fannie Mae system to see if you are in a qualified area.

Please also note that if you are in a qualified area, you will still need to be properly pre-approved, so you can receive your pre-approval letter to submit an offer on a home. Click on the link below to find out if you are in an approved area and to get pre-approved so you can get qualified for this $5,000 Grant and $500 credit towards your appraisal.