Are you ready to make your homeownership dream a reality? I'm Kyle Whissel with Whissel Realty Group, and I'm thrilled to introduce a fantastic opportunity for first-time home buyers: a $50,000 grant from the Federal Home Loan Bank of San Francisco!
Here's what you need to know:
✅ Must be a first-time home buyer (haven't owned a home in the last 3 years).
✅ Minimum 620 FICO score.
✅ Bring at least $10,000 of your own money (can be a gift from family).
✅ Limited funds available – $20 million to be exact.
✅ Income up to 140% of your area median income.
This $50,000 can be used for your down payment, closing costs, or to reduce your loan amount. Best of all, it's a grant – no repayment, no strings attached! 🏠💵
Act fast! This program is expected to go quickly. Get in touch with us now to secure your spot and grab your $50,000 bag. Call or text us today!
I'm Kyle Whissel with Whissel Realty Group. Thanks for watching! 📞🏡
The Federal Home Loan Bank of San Francisco Program
The Federal Home Loan Bank of San Francisco has rolled out a program designed to assist first-time home buyers with a substantial grant of $50,000. This program aims to make homeownership more accessible by providing financial support to those who meet specific criteria.
What is a First-Time Home Buyer?
To qualify as a first-time home buyer under this program, you must not have owned a home within the last three years. This rule applies to both you and your spouse if you are married. This definition is broader than many people realize, making the program available to a larger audience.
Program Requirements
To take advantage of this $50,000 grant, there are a few key requirements you'll need to meet:
Credit Score
You need a minimum FICO score of 620 to qualify for the program. This credit score requirement ensures that you have a reasonable credit history and can manage mortgage payments.
Financial Contribution
You must have at least $10,000 of your own money to contribute to the purchase. This amount can be a gift from family, but it needs to be available when you apply. This requirement shows your financial commitment and readiness to buy a home.
Funding Availability
The program has $20 million in funds available. Once these funds are exhausted, the program will end. Last year, the funds were quickly depleted, so it's crucial to act fast once the program opens.
Homebuyer Education
You must complete a 30-minute course on homeownership education. This course covers essential topics to ensure you're prepared for the responsibilities of owning a home.
Income Limits
The program has relaxed income restrictions, allowing you to earn up to 140% of your area's median income. For example, in California, a family of four can earn up to $192,900 and still qualify.
Benefits of the Program
The $50,000 grant can be used in various ways to enhance your home buying experience. Here are some of the significant benefits:
Down Payment Assistance
You can use the grant to cover part of your down payment. For instance, with a 3% down payment, you could afford a home worth $870,000 with the help of this grant.
Covering Closing Costs
The grant can also be used to pay for closing costs, which can be a significant expense in the home buying process. This financial support can ease the burden and make the transaction smoother.
Reducing Loan Amount
Another option is to use the grant to reduce the overall amount of your mortgage. This reduction can lead to lower monthly payments and less interest paid over the life of the loan.
Flexibility in Home Purchase
The grant provides flexibility in your home purchase. You can use it to buy a more expensive home or improve your purchasing power, giving you more options in a competitive market.
No Strings Attached
One of the best aspects of this program is that the $50,000 is a grant, not a loan. You don't have to repay it, and there are no hidden fees. Unlike other programs where the government may become a partner in your purchase, requiring you to share equity or pay back a portion of your home's value, this grant is straightforward financial support.
How to Get Started
While the exact release date of the program is not yet known, it's essential to be prepared. Whissel Realty Group is ready to help you navigate the application process and secure your grant as soon as the program opens. Here are the steps to get started:
Contact Whissel Realty Group
Reach out to Whissel Realty Group to get on their priority list. Kyle Whissel and his team are dedicated to helping you take advantage of this opportunity. Call, text, or use the provided contact link to get started.
Gather Your Financial Documents
Prepare your financial documents, including proof of your $10,000 contribution and your credit report showing a minimum FICO score of 620. Having these documents ready will speed up the application process.
Complete the Homebuyer Education Course
Take the required 30-minute homeownership education course. This course is straightforward and provides valuable information to help you succeed as a homeowner.
Monitor the Program Release
Stay in close contact with Whissel Realty Group to get updates on the program's release. Once it's open, act quickly to apply and secure your $50,000 grant.
Why Act Fast?
The $20 million fund is expected to deplete quickly, just as it did last year. Kyle Whissel emphasizes the urgency of acting fast to avoid missing out on this incredible opportunity. The sooner you apply, the better your chances of securing the grant and making your dream of homeownership a reality.
Conclusion
The Federal Home Loan Bank of San Francisco's $50,000 grant program is a game-changer for first-time home buyers. By meeting a few key requirements and acting quickly, you can unlock significant financial support to purchase your dream home.
Key Takeaways
First-Time Home Buyer Definition: You qualify if you haven't owned a home in the last three years, including your spouse if married.
Credit Score Requirement: A minimum FICO score of 620 is needed.
Financial Contribution: You must have $10,000 of your own money.
Funding Availability: $20 million in funds are available on a first-come, first-served basis.
Homebuyer Education: A 30-minute course is required.
Income Limits: You can earn up to 140% of your area's median income.
Contact Whissel Realty Group
For personalized assistance and to ensure you're ready to apply as soon as the program launches, contact Whissel Realty Group today. Kyle Whissel and his team are eager to help you unlock this fantastic opportunity and achieve your homeownership goals.
