Bond Money Loans

The answer is going to be different, mainly because the term "Bond Money Loans" is used / interpreted differently through out the country. In Arizona, there are Bond Loans, which are loans to first time home borrowers who need help with the down payment. Or if they choose to purchase a home in a specific area, then special loans are available to them. These loans are what is referred to as "Silent Seconds", meaning they have no payment schedule and do not accrue interest. The amount of the loan is forgiven over time or might have to be paid back, depending on the type of program. There are other "Bond Money Loans" that i have heard of, which are simply loans which are collateralize against your savings or money market accounts. This is more of a hard money / portfolio type loan, and usually credit scores don't really matter. The best advice I can give you is to contact a local mortgage broker, not a bank and apply with them. If your score is 610, your not far from the minimum score to be approved... some lenders go down to 580 and a select few go down to 500. By contacting a broker, you will get access to numerous different lenders, and they can shop for the right loan to work within your particular scenario. WilliamAcres.com

Most investors are not accepting Bond Money loans, but we do have Grant programs available for first time home buyers. Depending on where you are wanting to purchase will determine the type of program that can be used. If free grant money interests you - I'd be happy to help you. Mary Papageorge 713-569-0025 or mary.papageorge1@gmail.com

Jenna, There are numerous Bond money "Grant" or down payment assistance programs. These programs are not loans in the sense the government loans you the money. You must qualify for a FHA or Conventional loan to get the money. There are several programs Covering the State of Texas that provide money for closing costs or Tax credits or down payment assistance grants. There are other programs that cover San Antonio Specifically, however in most cases the state programs are more flexible and available than the local programs. I'd be happy to discuss the specific programs that you would qualify for. Sincerely, Henry J Daniels - NMLS #209419 Sr. Mortgage Banker & CMPSI Certified Mortgage Coach Direct/Text: (936) 228-1944 Fax: (832) 217-3033 Learn about me and connect at HenryJDaniels.com Blog: WoodlandsMortgageBank.com