Down Payment Gifts
FHA Cash Down Payment Grants
FHA loans do not have a zero down
mortgage but an FHA mortgage down payment can be as little as 3%. This
will change to 3.5% on Oct. 2008.
Here is the exciting part, ... those funds (3%) can be a Gift and come
from a family member, charity, or your employer.
There is also a Down Payment Assistance Program supported by
non-profit organizations such as Nehemiah or AmeriDream as of this
date. However, the Down Payment Assistance Program will not be allowed
after Oct. 1, 2008.
The new down payment requirement will also increase to 3.5% in Oct.
08.
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Down payment assistance and community
redevelopment programs offer affordable housing opportunities to
first-time homebuyers, low-income and moderate-income individuals and
families who wish to achieve homeownership.
Ameridream
The AmeriDream program offers gift funds up to 10% of the home's
purchase price which do not have to be paid back. Buyers must agree
however, to return any funds that are not used toward down payments or
closing costs and to return the funds if the sale of the home does not
close on the scheduled closing date.
[ -more on Ameridream Program- ]
Nehemiah
The Nehemiah Program has helped over a quarter of a million Americans
purchase homes. Unlike some down payment assistance programs, Nehemiah
offers down payment help to anyone who qualifies for an approved FHA
loan. Buyers can get up to 6% of the final contract sales price for
down payment and/or closing costs.
[ -more on Nehemiah Program- ]
American Family Funds
American Family Funds (AFF) administers The Dove Foundation, a
non-profit charity offering down payment and/or closing cost
assistance to qualified American home buyers. Once you are
pre-qualified for the FHA loan and find a property you want to buy,
notify your loan officer, who will apply for the AFF down payment
assistance on your behalf.
[ -more on
American Family Funds Program- ]
Family
Home Providers
Family Home Providers is a non-profit affordable housing company
offering down payment assistance to any family with steady employment
and good credit. Under the Family Home Providers plan, those with an
FHA loan are eligible for 3% of the final contract price of the home
purchased with the FHA approved loan.
[ -more on Family
Home Providers Program- ]
Futures Home Assistance
Futures Home Assistance is a non-profit charity group offering a free
down payment gift up to 6% of the closing costs of a home purchased
with an FHA loan. The mission statement of Futures Home Assistance
includes the belief that people who dream of owning a home should not
be hindered because of a lack of down payment funds.
[ -more on
Futures Home Assistance Program- ]
Grant America
The Genesis Program, also known as Grant America, is a non-profit down
payment assistance program. It is operated by the Penobscot Indian
Tribal Nation and is HUD-approved to offer up to $34,000 in
assistance, even to those living outside tribal jurisdiction.
[ -more on Genesis Program- ]
Housing Action Resource
Trust
The Housing Action Resource Trust or HART program is a non-profit
housing organization offering help to home buyers who qualify for FHA
"first mortgage" loans. A first mortgage does not mean "first-time
home buyers only," but rather those who are getting the initial
mortgage and not applying for a second mortgage or home equity loan.
[ -more on HART Program- ]
Newsong
Newsong provides a down payment assistance program for residential and
commercial properties. This program offers a one-time gift for all
closing costs, and there are no income requirements or limits on who
can participate. Anyone who qualifies for an FHA loan can apply to
receive down payment help from Newsong.
[ -more on Newsong Program- ]
Partners In Charity
Partners In Charity (PIC) is a non-profit group offering down payment
assistance on properties such as single-family homes, condominiums,
and multi-unit properties. Assistance is also available for
rehabilitation programs. Partners In Charity funds are offered to
those who qualify for FHA loans or are pre-approved for FHA loan
amounts.
[ -more on PIC Program- ]
Responsible Home Ownership
The Responsible Home Ownership program is run by a non-profit
organization called Community Housing and Development Corporation.
This program offers down payment assistance to low-income individuals
who have steady income and good credit. Check with your loan officer
if you have specific questions about your participation in this
program using an FHA home home loan.
[ -more on
Responsible Home Ownership Program- ]
Quickdown
Quickdown is a program that works with non-profit agencies to provide
down payment assistance. Home buyers who benefit from Quickdown are
those who qualify for approved or pre-approved FHA home loans. This
program is designed for those who want to buy a home but are "cash
challenged" and can't afford the down payment.
[ -more on Quickdown Program- ]
