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There are national non-profit organizations dedicated to assisting
homebuyers with their down payment and closing costs.
Buyers can receive a free gift under these programs. Gift amounts
vary with each program but are generally available in amounts of 3% with some
programs, all the way up to $22,500 with others. Buyers never have to repay
these gifts.
It's easy to receive a free gift from these programs, however
qualification guidelines do vary with each program. Each program requires that
buyers must qualify for any eligible loan program with their lender (there are
many programs that qualify).
While this is the ONLY qualifying requirement of some programs,
others have requirements such as requiring that the buyer complete a Home
Ownership Counseling Course or provide 1% of their own funds into the
transaction. In addition some programs have income/asset restrictions, recapture
clauses, reserves required, or geographic boundaries. Each program can provide
you with their specific requirements and/or limitations
These programs generally participate with FHA, Conforming, and
Non-Conforming loan products. Most of these programs do not underwrite the loan
or add any cost in the form of points, fees, etc., they simply provide the gift
for the down payment and/or closing costs.
These downpayment assistance programs can be used for Single Family
(1-4 unit) homes, Manufactured/Modular Homes, Condominiums, Townhouses, Existing
or New Construction, Rehab and Non-Conforming. |
