Are you interested in buying a property and don’t think you have the funds to pay the closing costs and give up the money right away? Evaluate what the Buyer Assistance Program can offer you and see if you qualify. Here we explain it to you.
What is the Buyer Assistance Program?
A program administered by the Autoridad para el Financiamiento de la Vivienda (AFV) that provides an incentive to cover down payment and closing costs when purchasing a primary residence.
The Program is offered by the AFV through a $295,000,000 grant from the “Community Development Block Grant Disaster Recovery” (CDBG-DR) funds. This program will be available for as long as the funds last.
How much do they contribute?
Up to $45,000 and in the case of people who work in first aid (First Responders) up to $55,000. In addition, the Program offers an additional incentive of up to $5,000 for those who purchase a property in a designated urban center certified by the Department of Housing.
Who qualifies?
People who do not currently own a property, use the property they are going to buy as their main residence and meet the following income limit:
Some additional requirements are that the property must be made of cement, that it cannot be in a flood zone and that it cannot be a unit of 3 units or more.
For the purposes of calculating the income limit, the income of all the members of the family composition over 18 years of age who will live in the property are considered.
For more information about the Program and its additional requirements, click here.
Do you meet these requirements? If so, here are the next steps:
- Request a Prequalification Letter for a mortgage loan.
- Take the required Housing Counseling Program course by calling one of the service agencies here.
- Make an offer to purchase a property and apply for a mortgage loan.
