Down Payment Assistance
One of the main reasons people decide not to buy is not having enough money for a down payment. Well, where there is a problem, there is a SOLUTION!
Nonprofit organizations like the Genesis Program provide funds for house down payments, some as much as $22,500. While the qualifications vary, each program requires that buyers qualify for financing with their lender. You may have to complete a home ownership counseling course or provide 1 percent of the down payment from your own money. Sellers are sometimes asked to contribute as well.
As you might expect, many programs have income/asset restrictions, recapture clauses, reserves required or geographic boundaries.
These programs generally participate with FHA, conforming and jumbo loan products, and can be used for single family home, multi unit, condos, townhomes, existing or new construction, and rehab.