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Most of these gift and grant programs are actually a way for sellers to help you buy their home. They can’t legally give you the down payment, so third party organizations have sprung up to help. The seller even pays a fee for the privilege of registering with these agencies!
More about receiving a gift of 1 to 7% of your down payment:
Funds can be applied to closing costs as well
In some cases, funds can apply to debt reduction to qualify for a mortgage
There are no maximum income requirements
You may have a ceiling imposed on your purchase price
You will have to qualify for a loan that permits gift assistance, so this is an important question to ask your prospective lender. Some lenders will require that money applied to your down be in your bank account for at least 30 days prior to payment. All FHA loans allow gifted down payments.
If you’ve found a home already, be sure that its appraised value is less than the amount of your loan after gifted funds are applied.
Don’t worry too much about legalities. Your lender knows how to word offers and contracts so that gift funds are properly applied.
It’s worth checking to see if you qualify for federal grant assistance through the American Dream program. Qualified first-time buyers can receive an average of $7,500 to $10,000 in down payment or closing assistance. HUD oversees this program.
Link to American Dream program
http://homebuying.about.com/cs/downpaymentgift/a/american_dream.htm
Here are some gift programs to check out:
AmeriDream
GiftAmerica
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.giftamerica.org%2F
Homes For All Program
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.ezdownpayment.com%2Fgift%2Fservices%2Fbuyers.asp
Nehemiah Program
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.getdownpayment.com%2Fbuyers%2Fhomebuyers.asp
RealtyAmerica
http://homebuying.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=homebuying&zu=http%3A%2F%2Fwww.realtyamerica.org%2F
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