Free Money $$ Still Available for Home Buyer Assistance

This will be the fourth loan in the last 12 months that I approved using some sort of down payment assistance. Even though seller assisted down payment went away using programs such as Ameridream and Nehemiah, HUD has been allowing buyers to use FHA financing with down payment assistance from a 501(c)(3) nonprofit corporation. Two companies that come to mind that I have worked with now has been Newtown Community Development Corporation Community Land Trust and Desert Mission Neighborhood Renewal. Both nonprofits have certain guidelines that have to be met and will require home-buyer education.

Free Money!!

So far my favorite program from the nonprofits is the Individual Development Account (IDA). This program will match buyer saved dollars of up to 3 times what they saved up. The
cap is $15,000.00. For instance if your client saves up $2,000.00 for down payment, they can get matched up to $6,000.00 from this (IDA). Also, FHA loans will allow the buyer to use the funds for both down payment and closing costs.

This is just one of the many programs that are still available out there for home buyer assistance. For more information about this mortgage program or many others, please feel free to contact me.