I have never closed a deal w/ any of the charitable down payment grant programs, but we have worked with The Nehemiah Corporation before. If you were going to work w/ any, that might be the one that I recommend. This organization works in various charitable capacities to support home ownership.
HUD made a recent ruling that would ban privately funded down payment assistance programs effective Nov 1, 2007. In response, Nehemiah filed a Federal lawsuit and had been granted a 6 month extension.
See Nehemiahâ€™s press release on this matter for details.
On Nehemiahâ€™s home page for private assistance down payments, they regularly post regulatory updates.
Nehemiah has other programs besides the privately funded down payment assistance programs. See link for details:
While there are several privately funded down payment assistance programs, I only have first hand working knowledge of this one. I have met several loan officers form major lenders who have worked with Nehemiah.
Hope this helps.
That's when you ask sellers to give you the incentives that you need to make the deal work. Be creative and have fun thinking of clever ways to make it work.
Yes, plenty. Check with any of the direct lenders or Federal Credit Unions or Countywide. Most will want some money down and good credit score with documental income.