What is FundMyHome? FundMyHome is a Down Payment Assistance program instituted and managed by Real Estate Mortgage Grants and Down Payment Assistance, Inc, a 501(c)(3) non-profit organization committed to assisting Home Buyers achieve their homeownership goals.
What is the Vision of FundMyHome? The Vision of FundMyHome is the abatement of the unpopular and pervasive phenomenon of Home-Rentership presently threatening low to moderate income families, the Millennials and among others, the work force and recent graduates of this great nation.
What is the Purpose of FundMyHome? The Purpose of FundMyHome is to foster Home-Ownership by providing Down Payment Assistance in a simple and expedited process to all participating mortgage qualified Home Buyers across the 48 Contiguous United States regardless of their income, even when income exceeds the Median Household Income.
Do I have to pay an application fee to receive a GRANT or Loan Approval? There is never an application fee or obligation.
Is FundMyHome only for Renters and First Time HomeBuyers? FundMyHome provides GRANTS to 1st Time Buyers AND to all other mortgage qualified home buyers
Do I need to be employed to receive a GRANT and loan approval? Yes, you must be gainfully employed or self-employed to receive a GRANT and Mortgage Loan
Will a foreclosure or bankruptcy disqualify me from FundMyHome? FundMyHome can help you purchase a home even after a bankruptcy or foreclosure. Some restrictions apply.
I have less than 640 Credit Score, could I still qualify to receive a grant for a Conventional loan?
Yes, you could still qualify to receive a grant for a Conventional Gov backed loan with a credit score as low as 620 (some restrictions apply)
I have less than 620 Credit Score, could I still qualify to receive a grant for a FHA loan?
Yes, you could still qualify to receive a grant for a FHA loan with credit scores as low as 580 (some restrictions apply)
How long is the process?
The conditional approval of your GRANT and mortgage loan takes 3-4 days, and you can close within 30-45 days of your signed Purchase Agreement.
Do I have to repay the GRANT? The GRANTS are received as non-repayable gifts without liens or second mortgages.
Could FundMyHome help me with a Second Home? At this time we are only assisting home buyers with the purchase of their primary residences.
What types of properties am I okay to purchase?
You are ok to purchase Single Family Detached Homes, Condos, Townhomes, Villas and manufactured homes.
My loan amount exceeds $453,100.00 (Jumbo loan) Could FundMyHome still help me with $0.00 or little of out pocket? Yes, we provide dwn payment assistance for all mortgage qualified Home Buyers even when a jumbo loan is required.
Could I buy a foreclosed home? Foreclosed homes are excluded at this time. .
I am a foreign national, could FundMyHome help me? Yes, foreign nationals are accepted by FundMyHome
I don’t have a bank account, could FundMyHome help me? You need a bank account and need to show two (2) months bank statements.
I earn more than 80% of my Area Median Household Income, Could FundMyHome still help me?
Yes, provided that you have a loan approval, then it qualifies you to receive a grant. FundMyHome has no income limit, as such it can approve your Grant even when you earn more than 80% of your Area Median Household Income.
I found a home outside of the government “Designated Area” Could FundMyHome still help me?
Yes, FundMyHome provides Down Payment Assistance grant approvals for purchases clsing in or outside of Gov Designated Areas or location.
My purchase price exceeds the government “Designated Purchase Price Limit” Could FundMyHome still help me? Yes, FundMyHome provides Down Payment Assistance for home purchases exceeding Designated Purchase Price Limits. There is no price limit for FundMyHome.
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