For many of us, envisioning our dream home is easy, but figuring out how to finance it is usually what keeps it from coming true. Here is some good news – the FHLB Grant program can help you achieve homeownership. First-time homebuyers (or anyone who has not owned a home in the past 3 years) can be eligible to receive up to $7,500 in grant money to cover down payment and closing costs through RapidTRAC Mortgage. Depending on your income, location, occupation, or ownership status, you could qualify for grant money. RapidTrac Mortgage is able to offer this in Kansas, Oklahoma and Colorado.
To support future homeownership opportunities, we are proud of the partnership with the FHLB to offer these grant funds to be used toward a borrower’s down payment or closing costs.
Reservations for this grant are accepted on a first-come, first-served basis, starting on March 6th, and subject to member limits through November 30, 2023, up to $4.5 million in allocations as long as the buyer meets qualified household income limits. The minimum subsidy is $2,500 and in high-cost areas such as in Colorado, $15,000 in funds are available. Money is fully forgivable after 60 months and little to no down payment is required. There must be a purchase contract to submit for the reservation of funds.
The FHLB was passed and enacted in 1932 and provides funds to local financial institutions for them to lend to a customer in the form of a mortgage. The structure of the FHLBanks is important because it ensures local banks have access to funds to be competitive and offer a variety of loan programs to buyers.
RapidTRAC Mortgage offers you an online experience to make buying a home easier than ever before. Build your future to become a homeowner today! Submit your application so you can be ready for finding your dream home and secure funds through the FHLB Grant.
