Closing Cost Assistance
Closing Cost Assistance Programs
Closing cost assistance programs are designed to help low-to-moderate income homebuyers pay for mortgage closing costs when they buy a home. By helping homebuyers pay these costs, closing cost assistance programs make home ownership more attainable. Additionally, these programs free up more money for homebuyers to spend on their down payment, potentially enabling them to qualify for a larger mortgage and afford a better home.
Most closing cost assistance programs are structured as a grant to the homebuyer. When assistance is provided by a state or local housing agency or commission — which is usually the case — the grant recipient is only required to repay the grant if the home is sold, refinanced or vacated within a predetermined number of years, typically five years or greater. If the home buyer sells, refinances or moves out of the property during the predetermined number of years the grant must be repaid, typically on a prorated basis based on the number of years the buyer has lived in the home.
Find out more about our state and local housing agency closing cost assistance below.
Get Started on Your Journey Home
The Building and Financing Process
There are several important steps you should take to ensure a successful building and financing process.
One-Time Close Construction Loans
One-Time Close Construction Loan Program GMM’s One Time Close is available for New Construction and Renovation projects. This program offers you the benefit of …
9 Tips for Purchasing Your First Home
Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to …
Home Improvement Projects with the Best ROI
Whether you’ve purchased a fixer-upper or are thinking about selling your home in the near future, it’s important to determine which renovations or upgrades can add value to your property.
ICE Mortgage Technology Case Study
In an effort to improve the mortgage lending experience, Fannie Mae and Freddie Mae required significant changes to the Uniform Residential Loan Application (URLA) used …
Rates have hit an all-time low and have left homeowners scrambling to refinance their mortgages. You have most likely heard in casual conversations with friends …
Choosing The Right Down Payment
A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value down and borrow the rest …