Down Payment Assistance

Some programs have income restrictions and/or purchase price restrictions. Some simply require seller contributions to replenish the down payment money.

We have a HUD Approved assistance resource for you!

We are well versed at looking for opportunities to assist our first time home buyers with identifying and utilizing any available local or state program as well as not for profit operations.

Even if you have your down payment, you can utilize eligible funds to "pay down" your FHA loan mortgage balance. In many instances, these "grants" are forgiven over time. In essence, it's free money.

Using creative techniques, in some instances you can buy a home with little or none of your own funds using our FHA Programs.

FHA Policy

Hud does not have a particular policy regarding Down Payment programs in terms of applying for approval with HUD.

However, HUD Does indeed maintain a list of HUD Approved down payment assistance programs.

The primary focus for HUD, regarding down payment programs, is insuring that no secondary financing (2nd mortgage - excluding HUD Approved secondary financing) is closed in conjunction with an FHA Insured mortgage loan.

HUD's General policy, as of this writing, is a program that is a registered 501C3 Charity, and adheres to HUD's secondary financing guidelines, may act as a gift agent for purchase of a home.

Acceptable gift guidelines for HUD include:

• A Gift from a relative or family friend with documentable "clearly defined" interest. This gift must have no repayment requirements.
• Borrowers Employer or Labor Union.
• A Charity or Not for profit organization that makes a contribution in the form of a down payment with no repayment requirements.
• A Silent Second Mortgage, issued by a government agency.