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

Mortgage Soft Pull for Stress-Free Home Shopping

Welcome to George Mason Mortgage – Your Key to Stress-Free Home Buying! Are you ready to embark on your home-buying journey? We believe that knowledge ...
Out of This World Rent

Rent prices out of this world?

At George Mason Mortgage, we understand the challenges you may be facing in today’s housing market, and we are here to empower you with viable ...
Maryland Smartbuy Program 3.0

Achieve Your Dream Home and Tackle Student Debt with Maryland SmartBuy Program 3.0

Are you a Maryland resident dreaming of homeownership but burdened by student debt? The Maryland SmartBuy Program 3.0 is here to help you turn that ...
Gifts Grants and Affordable Seconds - Horizontal

Unlocking Opportunities with Gifts, Grants, and Affordable Seconds

GIFTS Take advantage of the generosity of your loved ones or community organizations! This allows you to receive financial assistance from eligible donors to use ...
Unlock The Home of Your Dreams

Unlock the Home of Your Dreams

Building your dream home or transforming your current property into the perfect living space requires careful planning and the right financial support. At George Mason ...

Essential Checklist for First-Time Homebuyers

Essential Checklist for First-Time Buyers: Your Path to a Successful Mortgage Journey  Buying your first home is an exciting milestone! To ensure a smooth and ...
MMP and DC OD - Feature Image-1

DC Open Doors and the Maryland Mortgage Program

DC Open Doors and Maryland Mortgage Program Purchasing a home can be a daunting experience, especially if you’re a first-time homebuyer. One way to make ...
9 Tips To Help You Prepare To Purchase - Featured Image-1 (1)

9 Tips To Help You Prepare to Purchase Your First Home

9 Tips to Help You Prepare to Purchase Your First Home Buying your first home is an exciting milestone in life, but it can also ...
Building and Financing Process

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 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 ...
Model white house on dollar banknote. Insurance and property inv

What Is A Mortgage Recast?

You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called ...
Group of young adults laughing and walking down a hallway

How Do Down Payment & Closing Cost Assistance Programs Work?

Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always ...
man writing on inspection papers

Home Inspections

Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for ...
jargon spelled out with dice blocks

10 Homebuying Terms Everyone Should Know

Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of ...
women typing on her phone

What Is Commonly Negotiated When Buying A Home?

With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. ...
7 Ways to Stand Out as a Potential Homebuyer

7 Ways to Stand Out as a Potential Homebuyer

With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, ...
craft houses lined up on canvas background

5 Tips for Making an Offer on a Home

1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red ...
close up house's model on banking account book with calculator, coin and pencil on table for planning of home loan mortgage refinance or retention interest rates , business and financial concept

Get Your Cash Back

Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and ...
The Lowdown on Down Payments & Mortgage Insurance

The Lowdown on Down Payments & Mortgage Insurance

Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR ...
9 Tips for Purchasing Your First Home

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 ...
Blue prints, color swatch, pencil colors, sketches, plans and documents for a home renovation

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 ...
Homebuyer Options

Homebuyer Options

Low Down Payment Programs & Grants George Mason Mortgage has many program options, contact one of our experienced mortgage professionals to see if one is ...
Moving Checklist

Moving Checklist

6-8 Weeks Before Moving Budget for moving expenses and obtain estimates from moving companies Call insurance companies to identify record changes Cancel or transfer gym, ...
GMM Connect Background

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 ...
Scroll to Top