Down Payment Grant Money
A Network to Home Ownership
FInd Down Payment Assistance Programs for FHA Home Loans and HUD Real Estate

 Down Payment Grant Money wants to welcome Quicken Loans to our Housing Network.  Quicken Loans offers a lot  of great information for first time home buyers as well as some of the lowest interest rates available.  Whether you  are looking at a conventional loan or an FHA loan check out Quicken Loans.


 

NOVEMBER 2010

NEW DOWN PAYMENT ASSISTANCE PROGRAM JUST LAUNCHED

Americas Home Buyer Solution gift program requirements:

  • Receive up to 2.5% Down Payment Assistance Gift Money for the purchase of a home.
  • The remaining 1% down payment required can be a gift from a family member.
  • This 2.5% Down Payment Assistance gift NEVER has to be paid back.
  • Applies to any FHA Approved Property in the State.
  • Seller can contribute for closing costs and pre-paid expenses (taxes, insurance, etc.)
  • Not just for first time buyers! Current homeowners may also qualify.
  • Expanded income limits based on county.
  • Flexible loan approval guidelines.
  • Home must be owner-occupied. No rental properties.
  • Competitive interest rates.
  • No pre-payment penalties.
  • Credit Scores: 640 or higher
  • Income Limits: Must be at or below The USDA median income limits. I can provide a copy of your county upon request.
  • First Time Homebuyers Education - This online course is only $60.00
  • Not limited to First Time Homebuyers Only

The Americas Home Buyer Solution One Percent Down gift program is available for any FHA approved property including duplex, triplex or  4-plex in the states of: AZ, CA, CO, CT, FL, HI, NE, NM, OR, TN, TX, UT, WA



The Down Payment Assistance Industry

Primarily down payment assistance grants are available from two different types of services. First, government subsidized programs, and second, charitable organizations that utilize a HUD/FHA rule that allows for Down Payment Assistance (DPA) to be given to the homebuyer in the form of a gift or grant.

Government subsidized programs are typically targeted towards lower to middle income families. They will have set income restrictions and might dictate where and what types of homes are eligible to be purchased. In some cases, only first time homebuyers will be eligible.

Charitable Organizations that are allowed to provide Down Payment Assistance Grants or Gifts are relatively new. The whole industry is only about 6-7 years old and was founded by a 501c3 in California called The Nehemiah Program. Shortly after they developed a market for the industry literally hundreds of other groups formed to provide Down Payment Assistance gifts to home buyers. By mid 2003, the Down Payment Assistance Gift industry was "helping" an estimated 17,000 families per month.



FHA DOWN PAYMENT ASSISTANCE  IMPORTANT UPDATE:

NOVEMBER 2010
UPDATE



On July 30, 2008, the Federal Government passed H.R. 3221 - Housing and Economic Recovery Act of 2008. Section 2113 of the bill prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes are effective October 1, 2008. This bill is means the Elimination of Non Profit Down Payment Assistance.

Only Government funded housing grants are available for Down Payment Assistance under the
American Dream Down Payment Assistance Act. 

Follow the link for the housing program in your area.


 
LendingTree - When Banks Compete, You Win FHA Down Payment Assistance Grants for FHA Loans
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