Saving to buy a home, whether it is a first home or the
third, can be a difficult task. For many potential
home buyers, not having sufficient money to cover the
closing costs and down payment is the difference between
renting and owning a home. However, many non-profit
and public charity organizations have been created to assist
first time home buyers, low to moderate income families, and
general home buyers with the purchase of a home.
The
down payment assistance is provided in the form of gift
funds which means that the money does not have to be repaid.
Though there are several organizations that provide these
gifts, the differences among them are minor. Qualified home
buyers can receive between 1% to 5% towards the purchase of
the home. The home buyer may be required to have
additional savings in the bank. However, the home
buyer must use an approved mortgage lender (Our Lenders), an
approved real estate agent, and qualify for an FHA home
loan.
Qualifying for down payment assistance is as easy as 1, 2,
3.
1)
Contact your mortgage lender to begin the qualifying
process.
2)
Your
lender will put you into contact with an approved real
estate agent (which may vary from program to program) to
assist you in finding a qualifying house.
3)
Close and move!
To
learn more about down payment assistance and loan grant
programs select from the following:
These types of down payment assistance programs are
typically broken into two types of loan programs. These are the 501 (c)
(3) Non-Profit organizations or county, city, state backed down payment
assistance programs.
The 501 (c) (3) non-profit down
payment assistance programs will typically require the assistance of
the home seller in order for the buyer to take advantage of the
program. Following is a list of just some of the available down
payment assistance programs offered by non-profit organizations.
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