Did you know there’s a $5,000 grant for down payment and closing cost assistance available to eligible service members and veterans? The $5000 Military Homeownership Assistance Program comes with no strings attached, and any eligible homebuyer should take advantage of it regardless of circumstance. The key is finding a participating lender who offers and encourages the program.
Benefits of the Military Homeownership Assistance Program
As we mentioned, there truly are no strings attached with the $5,000 MHOA Grant. Below are some details to dispel any myths or concerns relating to the program:
- The MHOA grant does not create a secondary lien on the property, there is no repayment when the property is sold, and there’s no minimum time you’re required to own the home.
- There is no fee for the program. Use of the MHOA grant will cause no increase to closing costs when you work with RMN.
- The program has no effect on interest rate. When you work with RMN, your interest rate and mortgage loan terms will never be affected by the MHOA grant.
- The MHOA grant can be paired with any loan program, including the VA loan program.
- The $5,000 grant can be applied towards any combination of down payment, closing costs, and prepaid expenses.
MHOA Qualification Requirements
To qualify for the grant, you must meet one of the following service requirements:
- Have served 90 days active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present. Active duty need not be consecutive; it may be cumulative. Inactive Duty Training, Annual Training and Active Duty for Training may not count toward active duty; or
- A federal status injured service person having served in active duty August 2, 1990 and April 6, 1991 or September 11, 2001 to present; or
- A surviving spouse of said eligible service person, all who have had a discharge other than dishonorable.
If you or a buyer you know might be eligible for the MHOA grant, contact RMN today to make sure you don’t miss out on this excellent program!