What do you think of when it comes to Grants and Downpayment assistance programs? Many think of subsidized apartment blocks of the fifties and welfare. The reality is affordable housing initiatives impact all of us. The greatest assistance is reserved for Buyers who meet certain income eligibility and credit standards. Other programs are specific to the location and available for Buyers at every income level. We all have an opportunity to build strong socioeconomically diverse neighborhoods!
Do you know FDIC insured local and national banks have an obligation to help stabilize neighborhoods through the Community Reinvestment Act? In eligible neighborhoods, some offer grants to assist with downpayment and closing costs for people at any income level. Some local lenders even offer related programs for investors buying rental properties in these communities.
Do you know the State of Ohio, Counties, and many Cities offer home buying grants to eligible credit and income qualified Buyers? There are even special programs for recent college graduates, teachers, and public servants like firefighters and police officers. These opportunities can often be combined with other grant and downpayment assistance programs!
Your MODERN COLUMBUS REALTY agent is not a financial advisor and we do not offer loan, grant, or downpayment assistance programs. However, we ARE closely involved in the Real Estate Community and know trusted mortgage advisors at most financial institutions. Many of our clients are able to move into new homes with less than $500 out of pocket. For some people, buying a home initially costs less than renting a new home or apartment. With rapidly rising rental rates, now is the time to buy! Contact us today for a lender referral to find out which programs are best for you!
References: Community Reinvestment Act, Ohio Housing Finance Agency, The City of Columbus American Dream Downpayment Initiative (ADDI) Program.