– Maximum grant $7500
– Total household income cannot exceed 80% of HUD median income
– Grant can be used for a down payment and/or closing costs
– Grant matches $4 for ever $1 contributed by buyer; purchase transactions only
– Grant is forgiven at 20% per year
– Home must be a principal residence
Rebecca Richardson is a Charlotte mortgage consultant who excels at helping clients choose the appropriate mortgage strategy and enjoys demystifying the financial process on her blog at rebeccarichardsonmortgage.com. She can be reached by email or at 704.488.8883.