IMS Home Buyer Grant Program
The IMS Home buyer Grant Program is a mortgage grant program that helps pay for the initial costs of buying a home. Grants can be in amounts up to 5% of the purchase price of a home. Mortgage grants can be used for closing costs, setting up escrow accounts, or applying a down payment towards the house, as well as other miscellaneous costs. This is an extremely valuable program for somebody with steady income but not a lot of money to put down. First-time and repeat home buyers that have a credit score of 620 or higher are eligible to qualify for this mortgage program. The general purpose of this program is to help alleviate the initial overhead that comes with buying a house. See if you qualify.
Program Benefits and Options
Using the grant towards a down payment.
Using this program as a down payment provides the greatest overall financial benefit during life of the loan. By reducing the principal amount of the loan you save thousands of dollars over the life of a 30 year mortgage.
Imagine you are purchasing a house for $100,000 and you qualified for a 5% grant, you would only have to finance $95,000 instead of the full $100,000. By calculating the savings in principle and interest over the life of a 30 years at 5%, you would save a total of almost $9540.99.
Using the Grant Program for Closing Costs
The process of buying a house by obtaining a mortgage loan can be filled with unforeseen costs that add up quickly. Closing costs can range from $500 to $3000 dollars depending on the circumstances. This coupled with appraisal fees and other miscellaneous costs can add up to a substantial amount of money. The IMS Home buyer Grant Program was developed to lower or completely cover these costs.
Types of Loans
This grant program can be applied to FHA loans, USDA loans, VA loans, and conventional mortgage loans. Meaning that if you have a FICO credit score of 620 or better, chances are you can take advantage of this grant program. See if you qualify.
Examine Your Situation
Buying a house is not a one size fits all process. By examining each situation we can educate the homebuyer from the beginning with no-nonsense mortgage solutions that will put you into a house with the best interest rate possible. If you aren’t sure if your will be able to buy a house, Just get ahold of us and we can take a look at your situation. We have been a mortgage broker in Iowa since 2005 and have seen almost every mortgage situation you can imagine.