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You have not owned a home within the past three years, or owned a home only while married but not as a single person within the last three years – this includes a married couple if either has not owned a home in the past three years.
Contribute personal funds as part of the down payment and closing costs.
The income of the entire household will be considered when determining eligibility for the program. Household income must be at or below 80% of the area median income at the time of program enrollment and not have assets in excess of $50,000. Income limits vary for all states, please contact a Mortgage Banker to verify that you qualify.
Not be a student working less than 30 hours per week. Complete at least four hours of homeownership counseling from an approved counseling agency prior to the purchase of the home. Approved counseling agencies have received accreditation from one of the following organizations:
Pay at least 15 percent of monthly household income for principal, interest, taxes and insurance (PITI).
NOT receive more than $250 cash back at loan closing.
Obtain a first mortgage
Retain the home for five years from the loan closing date in order to keep the full amount of the grant. If the homebuyer moves, sells, rents, or refinances the property before the five year retention period expires, a prorated portion of the grant may need to be repaid. A second mortgage and note are made part of the original mortgage documentation.
The FFD grant funds can only be used towards closing costs and down payment assistance.
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Quaint Oak Mortgage makes a conscious effort to help first time homebuyers by participating in the First Front Door (FFD) program.
Through FFD, Quaint Oak Mortgage can assist with closing cost and down payment costs by matching a qualified homebuyer’s contribution 3-to-1. For every $1 of contribution the homebuyer makes, FFD will provide $3 in grant assistance, up to a maximum of $5,000.
Homebuyer contributions can take the form of savings, a gift, a tax refund, an inheritance or any other funds accumulated by the homebuyer.
Funds are available on a first-come, first-served basis until all funds are exhausted.
Outlined below are the program details.
Eligible properties are intended as the primary residence of the homebuyer at the time of program enrollment. These properties include single-family homes, townhomes, condominiums and modular units. Manufactured homes may be eligible if they are permanently affixed to a site. Investment properties and second homes are not eligible.
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