Home Financing Library
Down Payment Grants
There are local, state and national non-profit organizations dedicated to assisting homebuyers with their down payment and closing costs. Buyers can receive a free gift under these programs. Gift amounts vary with each program and buyers typically do not have to repay these gifts.
It's easy to learn more about grant programs and the qualification guidelines for each program. Each program requires that buyers must qualify for any eligible loan program with their lender).
Other requirements may include, that the buyer complete a Home Ownership Counseling Course or provide a percentage of their own funds for the transaction. In addition, some programs have income/asset guidelines, reserves requirements, or geographic limitations.