Home Buying in 19128>Question Details

Shaun Beaty, Home Buyer in Philadelphia, PA

When using government downpayment grants can you combine them to make one big downpayment?

Asked by Shaun Beaty, Philadelphia, PA Tue Feb 3, 2009

Help the community by answering this question:


The government grant money cannot be used for the downpayment. You need to have a minumal amount of a downpayment and assistance. The lender you will use can help with closing costs. Or you can reach me to send over an estimate based on your situation and ideal home price. There used to be non-profit companies that would help with the down payment, but I believe this has since been done away with. Hope this helps.

-Cheryl Supplee
0 votes Thank Flag Link Thu Feb 5, 2009
Maybe. Missouri, at this time, is the only state that has made it possible for home buyers to use the $7500 Tax Credit as downpayment/closing costs. Depending on what other grants you have found to subsidize your purchase, you may be able to combine them or you may be able to use one for downpayment (doubtful), one for closing costs (very likely), and another for repairs or maintenance issues. Talk to your mortgage consultant handling your loan and your realtor to determine what monies may be used where.
0 votes Thank Flag Link Wed Feb 4, 2009
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