Fannie Mae has just rolled out a brand new Grant Program that will give First Time Homebuyers a $5,000 Grant towards their closing costs when purchasing a Primary Residence.

HOW DO I FIND OUT IF I CAN GET THE GRANT?

• Complete the info in the form 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. 

DO I NEED TO GET PRE-APPROVED TO GET THE $5,000 GRANT AT CLOSING?

• Yes, if you are in a qualified area, you will still need to be properly pre-approved, so you can receive your pre-approval letter with all the details of your approval to submit an offer on a home. Click Apply Now below to get pre-approved so you can make an offer on your new home and get the $5,000 Grant. 

APPRAISAL FEE CREDIT

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

WHAT IS THE MINIMUM DOWN PAYMENT REQUIRED? 

• The down payment minimum is only 3% for this program. 

WHAT IS THE MINIMUM CREDIT SCORE REQUIRED? 

• The minimum credit score is only 620 for this program.

ARE THERE INCOME LIMITS? 

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

ARE SELLER CONCESSIONS ALLOWED WITH THIS GRANT PROGRAM? 

• 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. 

ADDITIONAL DETAILS

• 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 have to check your current address using the Fannie Mae Lookup tool to see if your location is in one of the approved areas.