|
Down Payment Grants
There are many non-profit organizations whose purpose is
assisting homebuyers with their down payment and closing
costs.
Buyers receive a gift down payment under these programs.
Gift amounts vary with each program but are generally available
in amounts of 3% with some programs, up to amounts as high
as $22,500 with others. These grants never have to be repaid.
It is very easy to receive a free gift from these programs,
but qualification guidelines do vary from program to program.
Check with your loan consultant, Jeff Daily for more details. Each
program requires that buyers must qualify for their particular
program and be eligible for a loan program with their lender
(there are many, many programs that qualify).
While this is the only qualifying requirement of some programs,
while others have requirements such as requiring that the
buyer complete a Home Ownership Counseling Course or provide
1% of their own funds into the transaction. In addition some
programs have income/asset restrictions, reserves required,
or geographic boundaries. Jeff Daily can guide you and place
you with the program that would best fit your needs. He
is knowledgeable about each program can provide you with
their specific requirements and/or limitations
These programs generally participate with FHA, Conforming,
and Non-Conforming loan products. Most of these programs
do not underwrite the loan or add any cost in the form of
points, fees, etc., they simply provide the gift for the
down payment and/or closing costs.
These down payment assistance programs can be used for Single
Family homes, Manufactured/Modular Homes, Condominiums, Townhouses,
Existing or New Construction, Rehab and with Non-Conforming
loan packages.
return to Down Payment | return
to Mortgage Library |
