M&T Bank First-Time Homebuyer Grant Program

What is M&T Bank First-Time Homebuyer Grant Program?

M&T Bank First-Time Homebuyer Grant Program is a grant for homebuyers in Delaware, administered by M&T Bank (Manufacturers and Traders Trust Company).

• M&T Bank offers grant funds to first-time homebuyers that can be applied toward the down payment (only permitted in certain areas), closing costs, other out-of-pocket costs, and mortgage insurance. The grant is available on purchase mortgages when the property securing the loan is located in a low-to-moderate-income (LMI) census tract and the borrower's income is at or below 80% of the HUD area median income in eligible counties, which include select Delaware counties. M&T also offers its exclusive Home Starter Mortgage (3% down, as little as 1% out of pocket, no borrower-paid mortgage insurance) that is available in select Delaware counties and can be paired with grant funds.
• Grant funds for down payment (in eligible areas), closing costs, out-of-pocket costs, and mortgage insurance.
• No repayment.
• Pairs with M&T Home Starter Mortgage (3% down / 1% out of pocket, no borrower-paid MI).
• Funding comes from M&T Bank (lender-funded; CRA/affordable lending).

Do you have to pay it back?

M&T Bank First-Time Homebuyer Grant Program is structured as a grant, so it is not repaid.

• Repayment is triggered by None indicated - described as grant funds.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

M&T Bank First-Time Homebuyer Grant Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

M&T Bank First-Time Homebuyer Grant Program limits household income to 80% of the area median income, which varies by county and household size.

• For the grant, borrower income must be at or below 80% of the HUD area median income in eligible counties AND the property must be in an LMI census tract. For the Home Starter Mortgage, the income limit is 80% of AMI by household size unless the property is in an LMI census tract, in which case no income limit applies. Exact dollar figures by county/household size are not published.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

M&T Bank First-Time Homebuyer Grant Program can be used for Single Family, Condo, Townhouse, and 2-4 Unit.

Where does it apply?

M&T Bank First-Time Homebuyer Grant Program serves buyers purchasing anywhere in Delaware.

How do you apply?

Applications for M&T Bank First-Time Homebuyer Grant Program go through M&T Bank (Manufacturers and Traders Trust Company), which publishes the current terms and the application steps on its own site.

1. 1

   Contact M&T Bank (Manufacturers and Traders Trust Company) to reserve funds

   Funds are reserved through Through an M&T mortgage representative; eligibility tied to property census tract and borrower income., and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.