FHA and Down Payment Assistance Grants

The Hottest new Down Payment Assistance program on the market today is "Americas Home Buyer Solution", and instead of a down payment grant it is given in the form of a "Voucher".

Americas Home Buyer Solution

Americas Home Buyer Solution has helped many families purchase a home. Ever wonder what Down Payment Assistance options are available to home buyers to help purchase homes?

America's Home Buyer Solution^TM is a Down Payment Assistance program from a HUD approved 501 (3c) that provides gift funds (non taxable and do not need to be repaid) of up to 2.5% of a homes sales price to be used for Down Payment and/or closing costs.

Down Payment Assistance FHA Home Loans offer the most opportunities for current homeowners and future homeowners to get their home mortgage with little to no money down.

Whether it is down payment assistance for First Time Home Buyers, closing cost assistance, rehab construction grants or FHA refinance loans like Cash Out Refinance, Streamline Refinance or a Reverse Mortgage for Seniors,
FHA is the best place to start.  For refinancing information CLICK HERE! 

Down payment assistance and community redevelopment programs offer affordable housing opportunities to not only first-time homebuyers, but also to low-income and moderate-income individuals and families who wish to achieve homeownership.  These programs were developed to assist ALL potential homeowners realize the American Dream of Homeownership.  Although the programs are different - they all have one thing in common........

You MUST be APPROVED for an FHA or other type of HOME MORTGAGE!

CLICK TO GET PRE APPROVED

The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program.

Purpose

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

Type of Assistance

ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards.

Eligible Customers

To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.

Eligible Activities

ADDI funds may be used for downpayment, closing costs and, if necessary, rehabilitation in conjunction with home purchase. ADDI funds used for rehabilitation may not exceed twenty percent of the participating jurisdiction's total ADDI allocation. The rehabilitation assisted with ADDI funds must be completed within one year of the home purchase.

Source: HUD.gov