Down Payment Assistance

Last update:

03/02/2003

Buyer's Submenu

A new trend for home buyers and sellers are the use of down payment assistance programs. The use of these programs are becoming more and more common, helping more buyers buy and home sellers get their homes sold more quickly. Buyers are able to get to closing with little or no down payment!

Here are just a few of the many programs available, please contact your mortgage lender for more details:

Nehamiah:

	Seller can gift 3-6% for down payment assistance through Nehamiah (Non-Profit Organization)
	How? Nehamiah gifts 3-6% to buyer at closing. Seller then pays Nehemiah the same amount plus $750 processing fee ($500 on new homes) on the same day of closing.
	No repayment of gift
	All loan, title & pre-paids can be a gift or paid by the seller.
	Can be used by first-time home buyers and repeat home buyers.
	No class certification, roof certifications, or warranties required.
	www.Getdownpayment.com for more info.

Neighborhood Gold:

	Similar to the Nehamiah program
	Processing fee $1000 on resale homes or $600 on new homes
	Seller usually contributes 3-10% for down payment assistance (no limit on contribution).
	No repayment of gift
	No class certification, roof certifications, or warranties required.
	www.Neighborhoodgold.com for more info.

Ameridream:

	Seller can contribute 3-10% for down payment assistance.
	No repayment of gift
	Processing fee .75% of the sales price (no limit on fee).
	www.Ameridreamcharity.org for more info.

Colorado Cares Program:

	Gift funds can be up to 6% of the contract sales price.
	No repayment of the gift
	Can be used by both first-time and repeat buyers
	Processing fee of $495.00
	No income, asset or geographical restrictions
	www.ColoradoCaresProgram.org for more info

Note: The maximum FHA credit allowed for closing and pre-paids is 6%.

Down payment assistance amount is only limited by programs above.

For more information, feel free to contact me without any obligation at homes@lori-v.com.