"There are First-Time Homebuyers out there who have always wanted to live in Takoma, Park MD, but can't come up with the down payment needed to buy their first home." explains Stephen Mercer, Exclusive Buyer's Agent withBuyer's Edge an Exclusive Buyer's Brokerage Real Estate Company in the Washington, DC Metro Area. As a Takoma Park resident, Stephen shares with homebuyers, "Luckily, there's a pilot program being offered in Takoma Park, Maryland that might help out First-Time Homebuyers, but they have to hurry. There're just 5 grants being offered."
The Home Stretch:
Down Payment Assistance Program
#1 Some of the Eligibility Requirements:
Maximum Income Requirements
All Applicants Must Contribute at Least $1,000 of Their Own Funds Toward Purchase
The Home Purchased with Assistance From The Home Stretch Program Must Serve as the Applicant’s Principal Residence
Complete a Homebuyers Education Course
Single Family Home or Condo Must be Located in Takoma Park, Maryland
Home Must Successfully Pass a Certified Home Inspection
#2 A $10,000 Grant is Awarded
ONLY 5 Applicants on a First-Come, First-Served Basis and is Used Toward the Down Payment.
20% or ($2000) is Forgiven each Year for 5 Year Loan Period.
If the Home is Sold, Refinanced or Vacated within the 5 Year Period-Owner is Responsible for the Remaining Loan Amount that Hasn’t Been Forgiven.
#3 Get More Information and Complete Online Interest Form
Stephen Mercer explains, "Once First-Time Homebuyers have completed the application process and hopefully been accepted, they will need to reach out to a preferred lender who will walk them through the loan process and get them pre-qualified. After that, they can start to search for their very first home!
What can you buy in Takoma Park, MD? SEARCH HOMES FOR SALE TAKOMA PARK, MD Now.