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Guest

I came to know of that there are some downpayment assistance programs that help with downpayment or closing costs, is it actually true and anyone knows of any such company,thanks

Guest

Down payment gift assistance programs do exist also known as down payment grant program which provides assistance to homebuyers. You will have to qualify for a loan which allows use of gift funds for down payments. Generally these assistance schemes provide for up to 10% of the down payment amount.

Guest

Guest

Twalters,

There is also the American Dream Downpayment Initiative (ADDI) which is administered as part of the HOME Investment Partnerships Program by HUD. The main aim of this initiative is to increase the homeownership rate of minority and low income households.

Under this program assistance is provided for making downpayment, closing cost and for rehabilitation purposes. The assistance amount cannot exceed $10,000 or 6% of the purchase price of the home whichever is greater. If the assistance is used for rehabilitation then it should complete within 1 year of the purchase of the home.

Guest

There are also programs through State Housing Finance Commission, using bonds that offer down payment help and closing costs.
There are income limits and area limits(at least in WA). But you might wanna check there.

kenstampe · Posted: Sat Mar 31, 2007 9:02 am Post subject:

There are literally hundreds of them around the country. Ask local real estate agents or mortgage loan officers what down-payment assistance programs are eligible in your area. Also, search on-line at the city, county and state websites for down-payment assistance.

sitalotbeach · Joined: 03 Nov 2006 Posts: 48 23.63 Dollars($)

Check into your local 'county' or 'township' housing authority. Google your 'County/Township' and then find the listing for 'Housing authority' or anything to do with housing then call. You might need to make a few phone calls to get the right person as you will be dealing with government offices-overworked and underpaid.

Because these programs are popular you will need to be persistent with your search. They have a certain amount of funding and sometimes it is funded only certain times of the year.

Also, there are 'community programs' lenders offer. Ask your mortgage consultant to share information with you about these programs. Low interest rates and down payment.

pan_kul · Joined: 13 Mar 2007 Posts: 12 7.08 Dollars($)

There are two types of down payment assistance. The first type is from Charity/Not-For-Profit 501c3 organizations, does not require you to be a first time home buyer, and is based upon certain critical factors relating to seller contributions.....

For more info read........http://www.downpaymentsolutions.com/type1.shtml

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