March 22, 2017
First Front Door Program
Some things in life aren’t too good to be true!
The 2017 First Front Door Program is now open and if you are a first-time homebuyer, we cannot recommend it enough. The program is offered by FHLBank in Pittsburgh through any of its member financial institutions.
From First Front Door:
Through First Front Door (FFD), FHLBank Pittsburgh (Bank) will work with one of our member financial institutions to assist with your closing costs and down payment. For every $1 of contribution you make, the Bank will provide $3 in grant assistance, up to a maximum of $5,000.
That is $5,000, interest free!
Do I Qualify for FFD?
Each prospective homebuyer must:
- Be a first-time homebuyer (not owned a home within the past three years, or owned a home only while married but not as a single person within the last three years – this includes a married couple if either has not owned a home in the past three years).
- Contribute personal funds as part of the down payment and closing costs.
- Have an income at or below 80 percent of the area median income at the time of FFD program enrollment. To check income limits for all states (use low-income limit) click here.
- Not be a student working less than 30 hours per week.
- Complete at least four hours of homeownership counseling from an approved counseling agency prior to the purchase of the home. Counseling must include the topic of predatory lending.
NOT receive more than $250 cash back at loan closing.
- Retain the home for five years from the loan closing date in order to keep the full amount of the grant.
We specialize in first-time homebuyers and have used this program many times to help people buy their dream home! Give us a call today at 267-882-5118
Information courtesy of First Front Door