Downpayment Grants
This is an interesting program. The Mission Branch HOME Grant program is a 501(c)(3) nonprofit organization that enables Buyers to purchase homes using the grant program. Both first time homebuyers, repeat homebuyers, and investors are eligible to receive grants.
Federal housing regulations prohibit a Seller from directly giving a Buyer the money to make a down payment. Therefore, the Seller contributes monies to the nonprofit as a service fee. These service fees fund grants.
A nonprofit organization “gifts” the home buyer the down payment and the closing costs. This “gift” does not have to be repaid by the Buyer. At closing, the Seller of the house contributes a service fee to the nonprofit organization.
If you need down payment and/or closing cost assistance and live in the United States, you can request a grant through this program. If you are pre-qualified for a loan and the seller is willing to make the contribution, you can use the grant program. You can buy a new or a resale home using the HOME grant program and you do not have to pay the grant back. HOME has no income or asset limits nor any geographical restrictions.
Related posts:
- Downpayment Assistance
- First Time Home Buyer Grants
- Downpayment Assistance in Maryland
- Downpayment Assistance
- Homeownership Grants in Ohio
