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Property Management Blog

NEW GRANT ALERT FOR FIRST TIME HOMEBUYERS!!

By Mike Lautensack Friday, February 24, 2023

Del Val speaks with Adam Funck from Maximus Mortgage on some great loan programs for first time home buyers. 

The highlights:

  • Ties to an FHA loan, so must be able to get approved on an FHA loan
  • Must be a first time home buyer
  • Can receive up to 2% of 3.5% of the sales price back
  • Funds are forgiven at closing, so borrower just has to stay in initial loan for 1 year, then they can refinance
  • Can be paired with sellers assist, so if they do the larger grant they can get in with $1,000 out of pocket
  • Income must be under 140% of the AMI
  • Interest rates are higher, in the mid to high 7’s, but again, they’re only stuck with that for 1 year
  • Must complete FannieMae online education class

Questions? Don't hesitate to reach out! eheebner@delvalproperty.com

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Mike Lautensack
President for Philadelphia's Leading Property Management Blog
Mike Lautensack is the owner of Del Val Realty & Property Management, where they manage close to 5,000 rental units in and around Philadelphia. By implementing a tenant retention-focused strategy, Del Val Realty has successfully maintained occupancy rates above industry standards and generated consistent returns for their investors.
Mike Lautensack is the owner of Del Val Realty & Property Management, where they manage close to 5,000 rental units in and around Philadelphia. By implementing a tenant retention-focused strategy, Del Val Realty has successfully maintained occupancy rates above industry standards and generated consistent returns for their investors.
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