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Rates as
Low as 3.9% |
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Lowest
closing cost Guaranteed |
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 60
Seconds
Approval |
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Low Down Payments
Down
Payment Loans and Gifts
Down
Payment Grant
Qualifying
For Low Down Payments
Down
Payment Assistance
State
Housing Authorities |
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Down Payment
Grant
There are national non-profit organizations
dedicated to assisting
homebuyers with their
down payment and closing
costs.
Buyers can receive
a free gift under these
programs. Gift amounts
vary with each program
but are generally available
in amounts of 3% with
some programs, all
the way up to $22,500
with others. Buyers
never have to repay
these gifts.
It's easy to receive
a free gift from these
programs, however qualification
guidelines do vary
with each program.
Each program requires
that buyers must qualify
for any eligible loan
program with their
lender (there are many
programs that qualify).
While this is the ONLY
qualifying requirement
of some programs, 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,
recapture clauses,
reserves required,
or geographic boundaries.
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 downpayment assistance
programs can be used
for Single Family (1-4
unit) homes, Manufactured/Modular
Homes, Condominiums,
Townhouses, Existing
or New Construction,
Rehab and Non-Conforming.
Other Resources:
Partners in
Charity Program
Home Down Payment Gift
Foundation
The Genesis Program |
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