The Galveston Association of Realtors
(GAR) announces a $500 incentive grant for
qualified buyers. -
GAR will provide up to five
hundred dollars as an
incentive to all buyers
wanting to purchase
a primary home in
Galveston, Port Bolivar,
or Tiki Island.
- GAR’s grant
for buyers
No payback,
no fees
higher interest rate.
There are great buys in Galveston
and the surrounding
areas. This
incentive is to help buyers
make a decision to move forward in purchasing
a home.
The intent of this
fund is to assist a buyer
in buying down the
interest rate offered
by a lender. in turn,
this can earn a buyer
substantial savings
on interest payments
paid throughout the
life of the loan.
When a buyer makes
application for a mortgage
they are typically
given a choice to
accept a designated
rate for the life of the
loan or opt to “float”
their interest rate for
a specified amount of
time until a more reasonable
rate develops.
Once a rate has been
considered, buyers
may then utilize this
“grant opportunity” to
buy down the interest
rate even more. It is required the
lender have full written
disclosure of this
grant from the buyer
as well as the Galveston
Association of
Realtors.
The following are
basic and simple
guidelines for obtaining
this grant:- Buyer must obtain
an application from a
Realtor belonging to
the Galveston Association
of Realtors.
- A completed and
delivered application
must be acknowledged
by the board
office located at 6511
Stewart Rd. #3, in
Galveston, Texas not
less than 72 hours
prior to closing.
- Buyer must purchase
a home listed
within the Galveston
Multiple Listing Service
- The property being
purchased must be
located in Galveston,
Port Bolivar, or Tiki
Island and must be a
single family dwelling
or a condominium.
- Buyer and lender
must acknowledge
this will be a primary
residence.