First Time HomeBuyer/ Housing Grants

 Chesapeake Bank AHP Program/FHLB Grant

Community Partners Product Employees are eligible for $7500 in these fields:

*Education

*Firefighters

*Health Care Workers

*Law Enforcement Officers

Qualified  first  time home buyers may be eligible for a grant up to $5000 through Chesapeake Bank of Maryland. The grant may be used for down payment, closing and counseling costs on a owner-occupied property. Typically low and moderate income first time homebuyers are eligible for the grant.  Homebuyers must complete a housing counseling program approved by the Federal Home Loan Bank (FHLB) and contribute a minimum of $1000 of their own funds. An applicant income must be at or below 80% of the median income for their residential region. If you own and reside in the property for the first five years , the loan is forgivable, meaning you do not have to pay it back. You must sign a five year retention recapture agreement.  If you sell the home within the five years of receiving the grant, you must repay a portion of the grant.  Chesapeake Bank of Maryland, a FHLB, can administer the entire application process.

Home Ownership Vouchers and FHA home loan mortgage

FHA home loan and conventional home mortgage or  a voucher you must apply for a Housing Choice Voucher and meet the eligibility requirements at the Public Housing Agency ( PHA) where you are applying.

You can either wait until the waiting list opens up again, or you can apply in another jurisdiction where the waiting list is open. However, many PHA's give a preference to residents of the community over non-residents, and you may be required to reside in the jurisdiction of that PHA for at least one year. You should ask the PHA in the area where you are applying about their residency preferences.

Housing Grants

Do you need financial help when it comes to housing? See how government grants can help low-income families and others with a variety of home-related issues.

 

If you need help right away, this relief program will direct deposit a short term loan into your bank account. Review the terms of this funding closely before accepting these funds.

 

The cost of owning or even renting housing can be too high for a family that’s living on a limited income. To help make the cost of housing more affordable, the government offers housing grants on the federal or state level that provide funding to those who need it most.

If you’re having money issues related to your family’s living situation, keep reading to see how a housing grant can save the day.

What Is a Housing Grant?

A housing grant gives low-income families another option to pay for their homes. It can come in handy if they’ve been rejected by a bank for a loan, have a poor credit history, or cannot come up with the money they need to keep a roof over their head.

Home ownership Education and Housing Counseling

Fannie Mae believes that high-quality home ownership education provides borrowers with the information and resources they need to navigate the home-buying process and make informed decisions that support sustainable home ownership.

We at NAVA recommend our buyers to educate themselves first before buying their first home.

At NAVA, we help our clients improve their credit reports before they buy their first home.

​The credit repair industry helps consumers and businesses improve their credit scores so they can qualify for affordable financial services, such as loans and credit cards. Since credit histories often contain inaccurate information, clients may also use credit repair services to remove erroneous items that lower their credit scores.

 

Please click on the button below to check your credit score now.

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