Selecting a Down Payment Assistance Program

If you’re looking to buy or sell a house, you may want to consider using a nonprofit down payment assistance program.

AmeriDream Downpayment Gift Program Through down payment assistance and community redevelopment programs, AmeriDream, Inc. expands affordable housing opportunities not only to first-time homebuyers but to all low- and moderate-income individuals and families who wish to achieve homeownership. Additionally, as a non-profit organization, AmeriDream works to promote the value of homeownership as a strong foundation that supports lasting communities and individual prosperity. Thousands of homebuyers a month purchase their own homes using The AmeriDream Downpayment Gift Program, which provides down payment assistance of up to 10 percent of the home's price. Learn how you too can become a homeowner through the AmeriDream Downpayment Gift Program by asking your real estate professional at Heart Of Florida Realty.

Buyers Fund®  Buyers Fund comes from an existing pool of funds and is a gift to the home buyers that can be used for a down payment, debt payoff, and/or closing costs. Buyer's Fund - Buyers Fund, provides gift funds to home buyers per FHA guidelines. The grant is a bona fide gift with no obligation for the home buyer to pay it back. Our grant funds are eligible for FHA, Conventional, and Sub-Prime loans. Recent changes prohibit home buyers who are using FHA loans from using the funds to pay off existing debt. Check with your underwriter for questions regarding your specific loan. BuyersFund - Buyers Fund® has a national and local presence to help you set up your grant transactions in a smooth and efficient manner. Contact your experienced Local Account Executive to help you structure the transaction. Immediate Funding - Funding of the grant can occur immediately upon receipt of the grant application and signed closing instructions from the title company. Gift letters go out the same day the grant application is received. Seller Service Fee – This fee is the grant amount (which can be anywhere from 3-10 percent of the sales price), plus a small transaction fee. To find out the current fee for your area, please contact your Local Account Executive. Grant Availability - Grants are available on FHA, Conventional, and Sub-Prime loans. (Please note that recent changes prohibit home buyers qualifying for an FHA loan from using the funds to pay off existing debt. Please check with your underwriter for questions regarding your specific loan.)  Save Time, Save Money - No roof certifications, homeowners' warranties or home buyers' education are required. The seller can save hundreds of dollars. No paperwork is needed if you complete the online grant application. Otherwise fill out and fax the grant application to (888) 627-3025. Gift letters go out the same day the grant application is received. (Source:  Buyers Fund®)

Community Housing and Development Corp. Community Housing and Development Corp.(CHDC) is a 501 (c)(3) non profit corporation.  Founded in 1998, CHDC gives millions and millions of dollars away annually for down payment assistance. CHDC makes the American Dream of home ownership a reality for deserving Americans. All down payment assistance is for low-income individuals who have the employment history and financial history necessary to qualify for a mortgage, and would so qualify but for the lack of a down payment. All assistance is for housing in the United States. No funds are provided for offshore interests.

The Genesis Foundation The PreferredProgram is a Downpayment Assistance Program provided by The Genesis Foundation. The Genesis Foundation is a nonprofit 501(c)3 charitable organization. Through it, the PreferredProgram provides gift funds, with no repayment required, to qualified applicants purchasing homes.

Housing Action Resource Trust   The Housing Action Resource Trust (HART) is a California 501(c) (3) non-profit housing and community development organization located in the City of Rancho Cucamonga, CA.  HART was established in 1995 with a mission to provide affordable housing and homeownership opportunities throughout the United States.  HART launched its Down Payment Assistance Program in July of 1998.  Since the inception of the HART Gift Program, thousands of families across the nation have realized the dream of homeownership with a down payment gift from HART!  The HART Down Payment Assistance Program assists prospective homebuyers nationally who qualify for a first mortgage loan, but require the down payment and closing costs necessary to purchase a home.   HART is also actively rehabilitating homes in revitalization areas and developing affordable housing in many communities across the country. With the Flexibility of the HART Down Payment Assistance Program, the dream of homeownership is a REALITY.

Keystone Grant The Keystone Plan help thousands of families buy their home using less cash or even no cash from their savings.  Keystone Grants, Inc. is a non-profit organization that provides down payment assistance to low-to-moderate income families.  Keystone Grants, Inc. is a public service charity that meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 Rev 4, Section 2-10 for FHA insured loans, and therefore may be used as a source of down payments funds for homebuyers. Homebuyers use The Keystone Plan to retain their savings.  Sellers and builders use the Keystone Plan to add value to their properties. Real estate agents and mortgage professionals use the Keystone Plan to assist their customers who could otherwise not afford a home.  The Keystone Plan is simple, fast, and will cost you nothing. There is no additional qualifying because when you qualify for a mortgage you automatically qualify for down payment gift funds! This is a gift, not a loan. You never repay these funds.

Nehemiah Corporation of America Nehemiah Corporation of America is a not-for-profit community development corporation specializing in homeownership, affordable housing and community development. Nehemiah transforms lives by increasing homeownership and asset development opportunities for diverse populations, while maintaining our commitment to successful, responsible homeownership. Nehemiah transforms communities by expanding our faith-based, charitable and community development initiatives into underserved neighborhoods across America. The Nehemiah Program assisted 215,000 people in achieving homeownership through their national down payment assistance program. Coupled with our down payment assistance, Nehemiah's community redevelopment programs expand affordable housing opportunities not only to first-time homebuyers but to all low- and moderate-income individuals and families seeking the American Dream of homeownership. As a nonprofit organization, Nehemiah works to promote the value of homeownership as a strong foundation that supports lasting communities and individual prosperity. (Source:  Nehemiah Program 2006)

Newsong Down Payment Assistance Program   Newsong's Down Payment Assistance Program is a fast and easy way to help low-to-moderate home buyers with money at closing for no down payment mortgage and assistance for closing costs that they do not have to repay. Zero down payment grant assistance is not just for first time home buyers.   They are a nonprofit organization dedicated to increasing opportunities for individuals across the nation who dream of the benefits and stability that homeownership offers. Our mission is quite simple. We believe that hard-working Americans who dream of owning their own home deserve a chance to do so. Newsong's Down Payment Assistance Program has helped thousands of families nationwide!   Whether you're a first time homebuyer or simply starting over, we're here for you. Down payment assistance (DPA) is used by as many as 15,000 American homebuyers every month. Flexible down payment grants are compatible with most types of loans offered by lenders. Down payment assistance grants help more people own more homes in America with no down payment. Here are typical down payment assistance program benefits: No Out of Pocket Cost - No Down Payment The Home Buyer Never Needs To Pay It Back No Extra Qualifying or Home Education Required Housing Grants For Up-Front Home Loan Expenses Homes Sell 25 Percent Faster With No Down Payment Same Day - Great Fast Down Payment Assistance Grants If you have any blemishes on your credit and would like to get help from the most trusted and cost effective credit repair service in the nation, contact your Heart Of Florida Realty professional.

Rural Development Housing and Community Facilities Programs The United States Department of Agriculture provides down payment assistance to those that qualify.  You must be a US Citizen or have a green card to qualify. Rural Housing Direct Loans are loans that are directly funded by the Government. These loans are available for low- and very low-income households to obtain homeownership. Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. Mortgage payments are based on the household's adjusted income.  These loans are commonly referred to as Section 502 Direct Loans. Purpose - Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Eligibility - Applicants for direct loans from HCFP must have very low or low incomes. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically within 22 to 26 percent of an applicant's income.  However, payment subsidy is available to applicants to enhance repayment ability.  Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories. Elderly and disabled persons applying for the program may have incomes up to 80 percent of area median income (AMI). Terms - Loans are for up to 33 years (38 for those with incomes below 60 percent of AMI and who cannot afford 33-year terms). The term is 30 years for manufactured homes. The promissory note interest rate is set by HCFP based on the Government’s cost of money.  However, that interest rate is modified by payment assistance subsidy. Standards - Under the Section 502 program, housing must be modest in size, design, and cost. Modest housing is property that is considered modest for the area, does not have market value in excess of the applicable area loan limit, and does not have certain prohibited features. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Approval - Rural Development officials should make a decision within 30 days of the Rural Development office's receipt of the application. Basic Instruction - 7 CFR Part 3550 and HB-1-3550

These companies and individuals are considered to be reputable within the real estate industry, but are in no way endorsed, nor are their services or prices warranted or guaranteed in any manner whatsoever by Heart Of Florida Realty or it’s Associates.