The spring housing market of 2022 is very different compared to market trends from previous years. The coronavirus (COVID-19) pandemic has affected all aspects of our daily routines including how we do business. The war in Ukraine and rising inflation has significantly increased mortgage rates. The low interest rates available in 2020 and 2021 are long gone. The higher rates are increasing the cost of homeownership and impacting first-time buyers the most.
These are challenging times for first-time homebuyers. Given that down payment, or lack thereof, has proven itself to be one of the major barriers to homeownership, George Mason Mortgage and United Bank recently announced the release of two new grant programs; The Welcome Home Grant1 and Journey Home Grant2. Both GMM grants combine a low down payment mortgage with down payment and closing costs assistance of up to $10,000. These grant programs were designed to bridge that gap while providing the new homeowner with competitive rates and fees just as if the down payment were their own thereby expanding homeownership opportunities.
The Journey Home and Welcome Home Products are currently offered in select areas of the DC MSA and are designed to support property purchases in LMI (low to moderate income) and majority-minority census tracts. Given the high prices in this market, both programs allow for a high loan limit of $647,000 and high-income limits ($102,800 and $153,000). The credit score requirements and guidelines are very fair and reasonable. First-time homebuyers must complete an online Home Buying class.
In the two months since we launched these Grant Programs, we have already helped 42 families achieve the dream of home ownership. We have another 30 families moving toward closing in the next 30 days. As a full-service lender, we can finance almost any residential property scenario. We also offer, VA, FHA, Jumbo, Construction and Renovation loans in the states we are licensed.
GMM is proud to expand homeownership opportunities for families in our communities and is dedicated to serving our neighbors by helping build wealth through homeownership. George Mason Mortgage is committed to supporting and investing in the communities in our footprint to advance equity and equality.
Visit www.gmmllc.com/loan-options/welcome-home-grant for more information about our GMM Grants.