Purchase Plus Grant Program
What Does The Purchase Plus Grant Program Offer
- $5,250 in lender credit that can be used toward a downpayment and/or closing costs
- $500 appraisal credit applied at settlement
- Lower monthly mortgage insurance rates
- $1,000 if buying a HomePath property and obtaining title insurance outside of Fannie paid title policy
Qualification Requirements for the Purchase Plus Grant Program
- At least one of the borrowers on a loan application must be currently:
- Living in an approved census tract
- Be a first-time homebuyer, which is defined as not owning a house within the most recent three years
- All homebuyers on the loan application can not currently own another property
- Mortgage loan must be a Fannie Mae Conventional loan with a Desktop Underwriting Approve/Eligible Findings
- Must complete an online first-time homebuyer class
What Isn’t Required By the Purchase Plus Grant Program
- No geographic location requirements of the subject property
- No second lien
- No grant repayment
- No minimum time required to live in the house
- No maximum household income requirements
- No median borrower income requirements
- No settlement delays while the grant program provider reviews the grant request
How do you want to get started?
Quick application
With Millennial Home Loans quick online loan application, determining if you qualify for a Purchase Plus Program Loan and for how much, has never been easier.
Talk to a Purchase Plus Program Mortgage Expert
Purchase Plus. $5,250 In Lender Credits For Down Payment And Closing Costs.*
Many first-time homebuyers in low-income communities face challenges that keep them from reaching homeownership. Many are burdened with income disparities, lack of generational wealth, and low supply of affordable homes. Purchase Plus can help your clients.
For first-time homebuyers, defined as not owning a house, whether primary, vacation, or investment property within the most recent three years, may get $5,250 in lender credits to use for down payment and closing cost provided the homebuyer currently lives in an eligible area and qualifies for a Fannie Mae conventional loan.
We’re helping Clients overcome financial challenges and put homeownership within reach. Share this information with your first-time homebuyer who can benefit from Purchase Plus.
At Millennial Home Loans We Are Providing You with The Tools Necessary To Promote This Product To Your Clients
Easy Purchase Plus Address Lookup Tool
Instant Marketing Flyer
Promote yourself to your clients using the Purchase Plus program using our instant downloadable flyer.
Please provide the following information:
Data Mining Your Database for Eligible Prospects
If you are a licensed Realtor and have a database that includes your prospects’ current home address, you can enter each address into the Purchase Plus Address Lookup Tool to determine potential eligibility. If your database is too large to identify eligible properties one record at a time please let us know and we can assist you using our technology solutions that may be more efficient.
* Client will receive a closing cost grant of $5,250 on their Closing Disclosure. Offer is valid for only for first-time home purchasers with primary residence properties in specific census tracks located in Atlanta-Sandy Springs-Roswell, Georgia; Baltimore-Columbia-Towson, Maryland; Chicago-Naperville-Elgin, Illinois, Indiana and Wisconsin; Detroit-Warren-Dearborn, Michigan; Memphis, Tennessee, Missouri and Arkansas; and Philadelphia-Camden-Wilmington, Pennsylvania, New Jersey, Delaware and Maryland. Offer valid from December 21, 2022. Offer is nontransferable. Offer cannot be applied retroactively to closed loans. Offer may not be redeemed for cash, and no change will be given if the discount amount exceeds costs otherwise due. Rocket Mortgage reserves the right to cancel this offer at any time. Other discounts may be ineligible with this offer.
