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Down Payment Program Now Open

admin — Mon, 28 Jun 2010 22:57:38 +0000

Popular down payment program returns
St. George Daily Spectrum
GEORGE -- New homebuyers in St. George might be eligible for up to $10000 in down payment assistance through a program that receives renewed funding July 1. ...

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First Time Home Buyer Grants

admin — Sun, 25 Apr 2010 15:48:24 +0000

There are first time home buyer grants available for renters to purchase foreclosed homes. For example, in Broward County, Florida, cities received millions of federal dollars. Some cities are buying foreclosed properties and fixing them up to sell or rent. Others are providing grants to low- and moderate-income home buyers to use toward down payments and repairs on foreclosed homes they purchase.

To qualify for a grant, the home, condo, town house or villa must be in the target area designated by that city; it must be a foreclosed property or one in the process of foreclosure; and a buyer must attend a home-buyer counseling course paid for by the program before purchasing a home.

Additionally, there are income restrictions. Buyers cannot earn more than 120 percent of Broward County’s annual median income to be considered. For a family of four in Broward, that’s $91,800 a year; for an individual, it’s $64,250. Some properties will be reserved for families earning as little as $38,250 and individuals making $26,800.

The down payment and repair assistance comes in the form of a forgivable no-interest loan that doesn’t have to be paid back as long as the buyer lives in the house for a certain number of years, which varies by city. The range is typically between 5 and 15 years. The grant amount for down payments and repairs varies by city. Also, some cities set a maximum purchase price for a home to be eligible for a grant, say at $250,000, but other cities don’t have that limit.

The Community Redevelopment Associates of Florida is one organization coordinating the federal funds and taking applications for first time home buyer grants. Go to their website to learn more!

Down Payment Assistance in Arizona

admin — Sat, 05 Dec 2009 19:39:33 +0000

The City of Tempe, Arizona has down payment assistance programs.

AMOUNT OF ASSISTANCE AND TARGETED AREAS

CAMP FUNDS

Up to thirty five thousand dollars ($35,000) is available to households purchasing a home in a city-designated Neighborhood Enhancement Area.

Neighborhood Enhancement Areas are defined in General Plan 2020 (currently all neighborhoods north of Alameda Drive in Tempe )

Households purchasing homes outside of a Neighborhood Enhancement Area are eligible for up to thirty thousand dollars ($30,000).

ADDI FUNDS

Up to an ADDITIONAL ten thousand dollars ($10,000) or six percent of the purchase amount is available to households earning less than 60% AMI and purchase a home in the city-designated Neighborhood Enhancement Area.

Neighborhood Enhancement Areas are defined in General Plan 2020 (currently all neighborhoods north of Alameda Drive in Tempe ) .

Income eligible households purchasing a home outside of the Enhancement Area are eligible for up to eighty five hundred dollars ($8,500), or six percent of purchase amount.

Go to the website to learn more!

Downpayment Grants

admin — Tue, 17 Nov 2009 20:33:06 +0000

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.

Learn more!

Down Payment Assistance in Alabama

admin — Sun, 25 Oct 2009 08:01:24 +0000

Step Up is a homeownership program designed specifically for moderate-income home buyers who can afford a mortgage, but need help with the down payment. Alabama Housing Finance Authority (AHFA) offers down payment assistance with no sales price limits and higher income limits than the First Step program.

The down payment funds are secured by a 10-year second mortgage and are combined with a 30-year, fixed-rate first mortgage. Since the loans are serviced by AHFA, homeowners have only one check to write each month. Program participants must complete a homebuyer education course to qualify.

Go to website for more information

Downpayment Assistance in Maryland

admin — Sat, 24 Oct 2009 19:43:11 +0000

Community Development Administration (CDA) offers three standard downpayment and closing cost assistance products for any borrower who is eligible for a Maryland Mortgage Program loan. Borrowers can choose to receive a closing cost assistance grant from either the MMP+ 2% or MMP+ 3% programs. Also, borrowers may choose to receive a zero-percent deferred loan through the Downpayment and Settlement Expense Loan Program (DSELP). Income limits and purchase price limits vary depending on location.

There is more assistance available through several other initiatives. If you are interested in purchasing a home in Maryland, it is worth your while to look into these programs.

Go to the website to learn more

Downpayment Assistance

admin — Tue, 20 Oct 2009 22:49:25 +0000

The Harris County Resource Center is offering a downpayment assistance program for folks in Harris County, Texas.

The home buyer must be a 1st time home buyer, as verified on last three years of income tax returns, or have lost previous home in extenuating circumstances, such as a loss due to a fire, flood, or hurricane.

Buyer must be credit and program approved through one of Harris County’s approved mortgage lenders, in order to receive assistance.

Buyer must have at least $350 or 1/2 of lenders required down payment to invest in the purchase, at least one credit score of 620, debt to income ratio (DTI) cannot exceed 42%, and cannot have more than $10,000 in liquid assets.

Learn more about this down payment program

Homeownership Grants in Ohio

admin — Sun, 18 Oct 2009 09:45:18 +0000

Ohio Housing Finance Agency has a Down Payment Assistance Grant program. Eligible borrowers participating in the First-Time Homebuyer Program, Target Area Loan Program, and Ohio Heroes Program can use the grant to greatly reduce the out-of-pocket expenses associated with buying a home.

If you qualify for one of OHFA’s home loan programs, you can choose to take advantage of the Down Payment Assistance Grant.

OHFA will issue a grant in an amount up to 2.5% of your home’s purchase price.
You can use the grant to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the grant will greatly reduce your expenses, you may still be required to pay for some costs out of pocket.
If you take advantage of the grant, your mortgage interest rate will be .5% higher than OHFA’s current mortgage rates.

Go to the website to learn more about qualification

Down Payment Grant

admin — Wed, 19 Aug 2009 14:07:09 +0000

The “Own in Sandy Program” is an effort by Sandy City, Utah and the Sandy City Redevelopment Agency to stimulate the local economy by creating new jobs through the construction of new homes which have not been lived in that are currently on the market within Sandy City.

The program will additionally, increase the opportunity for qualified home owners to purchase existing new homes which have not been lived in that are currently on the market. Persons requiring primary residential loans and that meet specific guidelines can qualify for a $5,000.00, zero interest loan, to assist with the purchase of the home. This loan becomes a grant after the owner has lived in the home for a consecutive three (3) year period.

“Own in Sandy” loans can only be used at the time of closing for a down payment, for closing costs or a principal reduction in purchase price.

Go to the website for more information

Down Payment Assistance in Alabama

admin — Fri, 10 Jul 2009 02:34:29 +0000

The City of Decatur is offering the H.O.M.E. program which provides financial assistance to qualified low-income families.

The City will pay ½ of minimum required down payment or the entire minimum required closing costs, some including prepaids. To qualify, you must not have owned a home in the past three years, you must be able to get a mortgage loan, and you cannot have participated in the H.O.M.E. program before.

The home you purchase must be located in the city limits of Decatur.

Go to the website for more information