Academy Mortgage Offers New Grant ProgramIn the world of home loans, most banks offer the same range of products. Lenders from banks large and small offer jumbo, conventional, VA, FHA and USDA loans at similar interest rates, and while programs may vary somewhat, distinctions are few. Recently, however, Academy Mortgage has added a new grant program that gifts income-qualifying borrowers with a 3-5 percent grant to help with their down payment or closing costs.
Academy Mortgage’s grant program is most effectively matched with an FHA, USDA or VA loan and can be offered as part of a package to borrowers with income of $71,000* (or less) and credit scores of 640 or above.
This program is perfect for first-time home buyers or borrowers returning to the market after a difficult financial period who possess limited assets to contribute to a home purchase. When this grant program is paired with a 1-3 percent seller contribution, qualified borrowers can often buy a home with little to no cash of their own.
Although the grant is supposedly not time limited, Academy is encouraging borrowers to get pre-approved for a loan today. Realtors are excited about opening up possibilities for more borrowers through this grant program.
Branch Manager Kent Neumann
Loan Officer, NMLS# 978500,
Equal Housing Lender
Academy can qualify a family by using only one member’s income to keep within the $71,000 limit.