2022 One-Time Commercial or Residential Down Payment Grant Incentives

• Author: Bryan Miller
• Posted: 2024-06-30

Unprecedented state and local government grants and incentives to bring executives who have been working from home back into the office benefit employers searching for a new mortgage or lease. Employers whose business model changed drastically during the pandemic may be able to purchase commercial real estate with all the amenities that employees need. You may be able to purchase residential property in a better school district near your newly relocated office and daycare. You maybe able to pay cash for your new property when you sell your current home at its drastically increaed market value.

Small Business Administration

The 504 Loan Program threshold for "small" business status is under $7 million net worth. A 504 loan can be used to purchase or improve land, commercial property, or fixed assets. You can use your 504 funds for street improvements, utilities, parking lots, and landscaping. Eligible new construction, renovation, or machinery must remain in use for at least 10 years. Permit fees, legal fees, engineering costs, and interest charged on construction or bridge loans may also be covered by your 504 grant or loan.

Small Business Administration 504 Loan or a Conventional Mortgage

Most small businesses qualify for 504 loans which require only a 10% down payment and may be used for renovations and costs. Commercial banks usually require a 20 to 30% down payment on a commercial mortgage loan. The 504 loans are fixed interest rate loans distributed over 20 years. It's never necessary to worry about the prime lending rate. You'll pay less. Longer repayment terms of the 504 Loan decrease your monthly payments on the loan balance, and 504 loans offer lower interest rates and closing costs than conventional mortgages.

Montana Grants Management and Oversight

Montana Grants Management and Oversight (ODGMO) offers $10,000 business stabilization grants that give small businesses working capital for payroll, rent and utilities, or accounts payable. To be eligible, the business must be for profit, located in Montana, and have less than 50 employees. Montana offers grants to help low-income residents find housing. Montana residents who operate small businesses in their homes are eligible for grants for home office modifications, internet services, and education helps the homeowner develop or expand his or her business.

State Funds for Families, Small Businesses, and Retirees

Maryland offers grants and tax credits to new employers and manufacturers that relocate within Maryland creating new jobs. Maryland offers grants and tax credits to existing employers that expand within Maryland Opportunity Zones. The state of Maryland offers financial relief to small businesses that revitalize unused or forfeited commercial or retail space. Maryland offers tax relief in the form of zero state taxes for retirees, elimination of the annual filing fee for small businesses, and an enhanced state earned income credit for working families.

Bank of America Homeownership Grants

Bank of America helps average employees purchase their own homes by advancing up to $10,000 down on eligible residential properties. Bank of America also advances up to $7,500 to reduce your interest rate, pay for title insurance, and close on your property. Grants funds do not have to be repaid. Bank of America can also help you research America's home grants and down payment grant programs, as well as mortgage reduction programs offered by state and local government agencies and nonprofits.

Wells Fargo NeighborhoodLift Downpayment Assistance

Wells Fargo's NeighborhoodLIFT helps those without enough money to make a down payment or pay closing costs to purchase a new home. You don't have to be a first-time homeowner to qualify for the program. Wells Fargo's NeigborhoodLift loan is really a zero-interest loan that is forgiven after the buyer makes a predetermined number of payments. The Wells Fargo Neighborhood Works program funds come from the Wells Fargo Foundation. Wells Fargo offers homebuyer education. NeighborhoodLift funds are available in Philadelphia, Houston, and San Francisco.

Navy Federal Credit Union RealtyPlus and Locked Interest Rates

Mortgage interest rates are rising and the cost of owning a home is increasing. Agents in the RealtyPlus network get you cash back at closing, and you can lock your interest rate or lower with the Navy Federal Credit Union for 60 days. You'll work with a coordinator on the RealtyPlus network whether you are buying or selling you're home. Participants have received up to $9,000 on each transaction when buying and selling a home. You can enroll in RealtyPlus today if you will be buying or selling your home within the next 90 days.