DownPayment Assistance Programs Nationwide

Down-Payment Assistance Programs:
Nationwide and State by State Programs
by Lisa Phillips
updated July 23, 2010

Nationwide Downpayment Assistance Programs

The Nehemiah Program
Nehemiah is the nation’s largest privately funded down payment

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
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:

Down-payment assistance most commonly comes from government subsidized programs and
non-profit charitable organizations. These programs are nationwide as well as specific state by
state programs. Some of the various programs target low income families while others are
designed for middle income families and first-time home buyers.

Keep in mind the definition of a
first-time buyer for a majority of the
programs means you could not have
purchased a home in the previous 3
years. It does not mean that you are
barred if you have purchased homes
in the past and are currently a
homeowner.

However, most programs will require
you live in the home. Each program
will have its own guidelines and not
all borrowers will qualify. Below are a
few nationwide programs and
state-by-state programs.

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
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
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.
There mission is to gift down payments and in turn help the community as a result of
homeownership.

*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.

Downpayment Assistance Listed by State