Down Payment Assistance?

Question

Does anyone out there know of some good down payment assistance programs for home purchases?

Answer 1

Every city and state has different programs available to certain individuals. Not every lender has access to each type of program, and some lenders don't even know about them.

Realtors don't always know about these programs either unless they work with a lender in the know.

Most Down Payment Assistent programs will work directly with large mortgage bankers directly, like Wells Fargo, Countrywide Home Loans or Washington Mutual.

Also, within each of these mortgage companies, it is possible that not all of their locations/branches will know about these programs.

I would call your local Countrywide office (Not the main 800#) and ask them about Down Payment Assistance and Bond type programs that are avaialble in their area. If you have more than one loacal office in your area, call all of them until you get someone that is familiar with the programs.

The programs are out there, it is just somewhat difficult to find them.

Good Luck,

Greg Schueler

Answer 2

The non profit Nehemiah Corp. has helped thousands of others through their down payment assistance program http://www.getdownpayment.com/

They offer gft funds up to 6% of the final contract sales towards your downpayment and/or closing costs, which you don't have to repay. However, the recipient must have the income and credit worthiness to purchase a home. Also, properties purchased using the Nehemiah program must be financed with mortgage insured by the Federal Housing Administration.

RealtyTimes.com recently run an article on Nehemiah Corp and how they can help people buy their homes http://realtytimes.com/rtcpages/20020131_nehmeiah.htm

Answer 3

Search online or in the yellow or blue pages in your phonebook for your state's Housing Finance Agency. Every state has one, or something with a similar name. They'll be the ones in charge of administering grant programs, and can refer you directly to the banks and brokers who offer them, and the smaller state and city and neighborhood agencies that might have further assistance available.

Answer 4

i'm interior the comparable technique which you're and my Realton discovered a software with which will help me get the money for downpayment. This software is by using the state I purely might desire to head take a classification for a million day and thats it. they are going to help me get the money i want and that i won't might desire to make month-to-month money I purely might desire to be on the domicile for 5 years or extra or if I settle directly to refinance or selle it then i'll might desire to pay it lower back.. if not after specific time the goverment is purely going to grant you that funds as a"present".

Answer 5

I know Texas has a great one.

You have to be a first-time homebuyer.

Quite honestly, talk to a buyer's representative Realtor, who should know all about it. There is no additional cost to you, so you really have nothing to lose.

(but also check into FDA loans if you're willing to live out of town a ways...)

Answer 6

Check with your lender, your bank and or your credit union. They are usually up to date on all of the latest programs out there.

Answer 7

The only ones a bank will allow are friends and parents, and then it must specifically be a gift, and not a loan.