Did you know the City of Rio Rancho has a down payment assistance grant?  Many people don’t know this and it is a great program.  The idea is to assist lower income households in purchasing homes in Rio Rancho.  The funds are usually renewed each year but go fast!  The great thing about the grant is that you can use it to offset the upfront cost of buying a home.  Combined with FHA financing and a 3.5% down payment, buying a home can be affordable.

The Down Payment and Closing Assistance Grant will provide a grant up to $5,000 to qualified first time homebuyers.   A first time homebuyer is defined as someone who hasn’t owned a home in the last three years.  There are income guidelines as well based on family size.  Home ownership counseling is a big part of the program and helps you to understand the complex process of financing and other ownership issues.  Attendance at one of these sessions will prepare you to become a homeowner.

With rental rates going up, the monthly cost of a mortgage is lower than renting a comparable home in a lot of cases.   Call or email me to get more details on the Down Payment and Closing Assistance Grant.  I can even get you in contact with a lender familiar with the grant program.