DownPayment Assistance
Programs: Nationwide programs that
can help you buy a home
by Lisa Phillips
May 2007
Programs: Nationwide programs that
can help you buy a home
by Lisa Phillips
May 2007
Each program will have its own specific guidelines and not all
borrowers will qualify for down payment assistance. Below are a few
Nationwide and State programs.
Depending on the funding source some of the programs may or may
not be currently available. These lists are in no way complete and full
and rebuildcreditscores.com makes no guarantees or warranties as to
the completeness.
Nationwide Downpayment Assistance
Programs
The Nehemiah Program (www.nehemiahcorp.org)
Nehemiah is the nation’s largest privately funded down payment
assistance program. This is what they can do:
American Dream Downpayment Assistance Initiative (ADDI)
This is a fairly new program (since 2004) that provides grants to help
home buyers with downpayment and closing costs. The program
assists first-time homebuyers, low and moderate income individuals
and families. Highlights of the program:
Ameridream (www.ameridream.org)
Ameridream's purpose is to expand affordable housing opportunities to
first-time buyers and low to moderate income individuals and families
who wish to achieve homeownership. They offer down payment
assistance in the form of a gift (typically 2-6 percent of the sales price)
for single family homes valued up to $322,700 and multi-family homes
up to $620,500. Gift funds can also be used to pay closing costs. Here
is how it works:
Partners in Charity (www.partnersincharity.org)
Partners in Charity is a nonprofit organization that gifts downpayments
to qualified home buyers. There is no repayment requirement, no
second mortgage or lien placed on the home. Partners in Charity
offers from 2 to 10 percent downpayment assistance towards the home
purchase.
borrowers will qualify for down payment assistance. Below are a few
Nationwide and State programs.
Depending on the funding source some of the programs may or may
not be currently available. These lists are in no way complete and full
and rebuildcreditscores.com makes no guarantees or warranties as to
the completeness.
Nationwide Downpayment Assistance
Programs
The Nehemiah Program (www.nehemiahcorp.org)
Nehemiah is the nation’s largest privately funded down payment
assistance program. This is what they can do:
- Provide Gift funds up to 6% of the final contract sales towards
your downpayment and/or closing costs.
- Provide Gift funds for both first time and repeat homebuyers.
- Provide Gift funds for both new construction and resale homes.
- There is no repayment of gift money.
- There are no income or asset limits.
- No geographical restrictions
American Dream Downpayment Assistance Initiative (ADDI)
This is a fairly new program (since 2004) that provides grants to help
home buyers with downpayment and closing costs. The program
assists first-time homebuyers, low and moderate income individuals
and families. Highlights of the program:
- Grant recipients must be first time home buyers with annual
incomes that do not exceed 80 percent of the area median
income.
- A maximum down-payment grant of $10,000 or 6% of the
purchase price of the home, whichever is greater.
- The grants help to defray the upfront costs of purchasing a first
home and can also be used to offset the costs of rehabilitating
the property.
- Grants may be used to purchase one-to four family home units,
condominium unit, cooperative unit or manufactured housing.
Ameridream (www.ameridream.org)
Ameridream's purpose is to expand affordable housing opportunities to
first-time buyers and low to moderate income individuals and families
who wish to achieve homeownership. They offer down payment
assistance in the form of a gift (typically 2-6 percent of the sales price)
for single family homes valued up to $322,700 and multi-family homes
up to $620,500. Gift funds can also be used to pay closing costs. Here
is how it works:
- Contact AmeriDream for a qualified real estate professional and
qualified mortgage professional in your area if you are not
already working with one.
- Shop for a home you like.
- Make an offer on the home.
- Once the contract is ratified, your lender will submit a gift
application on your behalf to AmeriDream.
- The Homebuyer will receive a notice of gift approval from
AmeriDream.
Partners in Charity (www.partnersincharity.org)
Partners in Charity is a nonprofit organization that gifts downpayments
to qualified home buyers. There is no repayment requirement, no
second mortgage or lien placed on the home. Partners in Charity
offers from 2 to 10 percent downpayment assistance towards the home
purchase.
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Related Articles
Downpayment assistance can come from several sources. Most
commonly downpayment assistance is given in the form of government
subsidized programs and non-profit charitable organizations.
commonly downpayment assistance is given in the form of government
subsidized programs and non-profit charitable organizations.
Certain programs target lower
income families, some are
designed specifically for middle
income families and other
programs may be for first time
buyers only.
Depending on the criteria there
may be purchase and
repayment may be required.
Most non-profit assistance
programs are gifts and do not
require repayment.
income families, some are
designed specifically for middle
income families and other
programs may be for first time
buyers only.
Depending on the criteria there
may be purchase and
repayment may be required.
Most non-profit assistance
programs are gifts and do not
require repayment.
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