Down Payment Grants

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Financing

Believe it or not, grants to help you buy a house really exist.

Down payment assistance (DPA) helps home buyers with grants or low-interest loans that reduce the amount they need to save for a down payment.

There are over 2,000 of these programs nationwide. State, county or city governments run many of them.

DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.

 

Down Payment Grants

Partners in Charity (PIC):

-- Provides 2 to 10 percent down payment.

-- No cash investment required of the buyer.

-- No extra qualifying after mortgage lender approval.

-- Participants are asked to refer someone else who needs help with a house down payment to PIC.

 

The Genesis Program

-- Home buyers are not obligated to provide any of their own money.

--- Sellers are required to put up a contribution equal to the gift amount provided by Genesis to the home buyer (1 percent of the contract sales price or $750 whichever is less).

-- Buyers are automatically qualified for a gift from Genesis if they purchase a Participating Home (a home in which the seller has entered into a participating home agreement with Genesis Housing Development Corp. The Participating Home Agreement outlines the contribution the seller makes to Genesis and its use.) and obtain financing through an eligible loan program (any single-family mortgage loan that allows charitable organizations to provide gift funds to a buyer for use toward their down payment and/or closing costs.)