Buying a home is the goal of many Puerto Rican families who, in some cases, do not have the financial resources to do so.
To make it possible for more families to buy their first primary residence, FirstMortgage announces that, starting this month and until the funds run out, individuals will be able to apply for down payment and/or closing cost assistance through the Federal Home Loan Bank’s Homebuyer Dream Program, bank officials announced.
“This is an excellent opportunity for everyone who is interested in buying their first home to do so,” said Wilma Soto, vice president and sales manager for FirstMortgage.
The first step is for the beneficiary to be qualified under the Homebuyer Dream Program requirements. Next, funds are requested through the Federal Home Loan Bank website. That is followed by a waiting period for eligibility to be evaluated. If the Federal Home Loan Bank approves the funds, it issues a 120-day period commitment. The funds are disbursed after the closing, she said.
The Homebuyer Dream Program, designed to help people with low or moderate income, consists of down payment assistance of up to $14,500 per household for the financing of the property and an additional $500 for counseling costs, for a maximum contribution of $15,000.
Some of the basic eligibility requirements are: being a first-time homebuyer; household income must not exceed 80% of the area median for the municipality where the property is located; purchase of a residential property or condo; the customer must contribute a minimum of $1,000 toward the purchase, receive a counseling certificate, and live in the property for a minimum of 5 years.
To complete the application, the customer must submit verification of income for all adult members of the household, a purchase and sale contract and homebuyer certifications, homeownership counseling certification, certification of no income, and a divorce judgment and stipulations, if applicable.