Tell Everyone! The state has just released millions of dollars to help teachers, fire fighters and police officers buy homes. Qualifying buyers can receive 3% of the sales price towards the closing costs or down payment of the home. The interest rate for this program is 5.25%.
This program has not been funded for over a year and I am so happy it is back. Buyers will still need to come to the table with some money on an FHA loan but if sellers contribute some to closing costs, it can bring the buyers expenses to a minimum. If the buyer uses a USDA loan (100%) down, the amount needed in addition to the bond is minimized further. If you know someone who is interested in this program, please have them call us right away. The money will not last long as it is “first come, first served”.
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