Free Mortgage Downpayment is your source for free home purchase assistance money....
What’s Free Mortgage Downpayment?:
Free Mortgage Downpayment is free downpayment assistance money given to you to purchase a home. Believe me this is not a loan. This is a program administered by nonprofit organizations to help people realize the American Dream of home ownership.
These are not government assistance programs. Most of these organizations work with the sellers to help the buyer with the downpayment.
This is something I didn’t know about 5 years ago when I purchased my home. I wish I had known it. It would have saved me all the time I wasted trying to save money for downpayment for my home.
I found out about it 3 months ago as I was researching how to put extra money/income in the pockets of those that use this website. As soon as I discovered it, I felt I had to share it with my American visitors. Unfortunately, this does not help my international visitors.
When you first see this, you think there must be some long and tedious requirements you have to meet to get this free money. This is further from the truth. Check out the organizations below and their requirements. You may be in for a surprise.
AmeriDream is a non-profit organization that helps homebuyers with mortgage downpayment gift. It’s based in Gaithersburg, MD but they provide their service to most parts of the U.S.
The downpayment gift is usually 2% to 10% of the purchase price of the house. Their program is not restricted to first time home buyers only. This means if you own a home now, you can still qualify for this program for a second home. This is the part that has me checking them out.
You should also know that AmeriDream has no income restriction. They do require as of this writing that the price of a single family home be less that $333,700.00 while that of a multifamily home be less that $641,650. With multifamily allowed, you can use them to get into real estate investment.
I find the multifamily part very interesting. I’m always on the lookout for ways to make extra income.
AmeriDream recently introduced the DreamKeeper in their free mortgage downpayment program. This is a program that helps you retain your home should you get in financial trouble after purchasing your home.
Click the above link to checkout AmeriDream.
2. The Nehemiah Program:
The Nehemiah Program administers a Gift Fund that helps homebuyers achieve the American Dream of home ownership. As of this writing, they have helped more than 195,000 people and families purchase homes. They are based in Sacramento, CA, but their program is available in most of the U.S.
The Nehemiah Program is not restricted to first time homebuyers. This means it can be used to purchase additional property. They do require that you live in the home. They also require that the home you are purchasing participate in their program.
The program pays 1% to 6% of the final contract sale for downpayment and/or closing costs. They have no income limit on the purchaser or price limit on the home you purchase.
Click the above link to see what they have to offer in their free mortgage downpayment program.
3. The Genesis Program:
Genesis is a non-profit organization that administers National Free Downpayment Gift Money towards the purchase of a home. It’s based in Austin, TX, but their program is nationwide.
The Genesis Program offers up to $22, 500 for downpayment and/or closing costs. Genesis seems to have the fewest restrictions of all the programs. You can also use the money they give you for prepaids and/or payoff debt to help you qualify for loans.
Their money can be used towards the purchase of single family (1-4 units) homes, Condominiums, Townhouses, and Manufactured/Modular homes. They also don’t require the seller to participate in their program.
Click the link above to checkout The Genesis free mortgage downpayment program.
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