Loan Options

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.

George Mason Mortgage is not endorsed by, sponsored by, or affiliated with any government agency or program.

Get Started on Your Journey Home

Knowledge Base

2021 – The Year For The Home Buyer And Seller

By: David H Stevens, CMB In my almost forty years in the real estate and mortgage finance business, there have been a variety of cycles …

Read More →

David H. Stevens Named New Advisor to the George Mason Mortgage Board of Directors

David H. Stevens, CMB, (Dave) is a 36 year veteran of the Mortgage Banking industry. Dave served as the President and CEO of the Mortgage …

Read More →

What to Expect From a Biden Regime

David H Stevens, CMB is the CEO of Mountain Lake Consulting, Inc and an advisor to George Mason Mortgage. David was the CEO of the …

Read More →

The Federal Reserve, the Housing Market, and Mortgage Rates

The housing economy is one of the remarkable stories we will remember about the COVID experience in the USA. In March when the nation shut …

Read More →

FHFA Announces Conforming Loan Limits for 2021

Fannie Mae and Freddie Mac Baseline Limit Will Increase to $548,250 Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan …

Read More →

Have You Heard? Refinance and Remove FHA Mortgage Insurance

Refinancing your FHA loan to a conventional mortgage may clear room in your monthly budget, especially with interest rates hovering at historic lows. FHA Mortgage …

Read More →
Scroll to Top