$10,000 Downpayment Grant
What is the one thing that stops most buyers from buying a home today?
They don't have enough money for down payment and closing costs to buy a home.
We have the solution: The BMC Homestead Loan.
You can now get up to $10,000 at closing to help towards your down payment and closing
costs. Combined with seller assist, this
reduces the amount of money needed
substantially. In fact, you can buy a home with as little as just $1,000 total. This is probably less than the security deposit needed for a rental.
Here's how it works: You must be eligible for a PHFA first mortgage (We will let you know if you
are) and select a home in one of the following townships:
Phila Area Counties:
Conshohocken Borough, Haverford, Limerick,
Lower Merion, Limerick, Norristown or Upper
All Other Pa Counties:
Click Here: See Eligible Homestead Counties
The assistance comes as a 2nd mortgage with
no payments, no interest and if you stay in
the home at least 5 years, you never have to
pay it back. The $10,000 is completely
Look at this real life example of the
type of loans we do for our clients based on
a home recently listed on the market in
Sales Price $175,000*
Closing Costs $11,850
Down Payment $ 6,125
SubTotal needed $17,705
Less Seller Assist - $ 6,705
Less Lender Assist - $10,000
Final Cash needed $1,000.00
Payment Info - FHA 30yr fixed*
Principal & Int $
Taxes $ 250.00
HO / Hazard Ins $ 54.17
MI $ 119.62
Monthly Total $1171.61
Yes, you read that correctly and this is not a bait & switch. We routinely help families buy homes with very little money using this program. You will need some money upfront to take the home off the market and pay for an appraisal but usually everything over $1,000 can be refunded to you at closing from the $10,000.00 assistance.
*You can not have owned a home in the past 3 years to be eligible for this loan program. There are also some restrictions on sales price (see Homestead Sales Price Limits, income (Based on family size - see Homestead Income Limits) and assets. Example is based on 3.25% rate (4.219 APR) and subject to change without notice. Please call for the most up to date rate as they can change daily. We have helped many buyers with this and it is a great program!
Despite the recent downturn, owning a home is still the best investment for almost everyone.
When purchased and financed correctly, owning a home is almost a "Can't Lose" investment. Now, with the BMC Homestead loan, you can start on your path to financial security with little to no money of your own.
Get Approved Today!