Friday, February 6, 2009

New free money that easy to get...

You heard it from me first, FREE and EASY. I claim it's new only because it is new to me. This program has been around for a few years but the funding has doubled this year starting March 1st. The name of the program is the Federal Home Loan Bank Ownership Funds.

Basically, all the major lender's in the Southeast are given $1,000,000 for this program. The program will then match a buyer's contribution towards buying a home. They don't just match it 1 to 1, they actually match at a 5 to 1 ratio up to $10,000 of grant money. That means that if a buyer contributes $2,000 towards buying their home, the program will contribute $10,000.

It gets better, these funds are at zero percent interest and are forgiven 20% per year until the fifth year when it's completely forgiven. You can also combine these funds with other down payment assistance programs for a maximum of $35,000 towards buying a home. Pretty powerful stuff! Enjoy!



For information on how to Buy a Home in Jacksonville, Rent a Home in Jacksonville, Sell a Home in Jacksonville, or Invest in Real Estate in Jacksonville, visit our website at http://www.progresshomebuyers.com/.
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