Down Payment Assistance
Down Payment Assistance is a HUD Program that provides grants to low income, minority individuals and families who need help as first time home buyers. This program among others listed below assist with the initial costs of purchasing a home which can be overwhelming. Down Payment Assistance Programs ease the burden to eligible applicants by providing assistance with, closing costs and required rehabilitation costs.
The defintion of first time homebuyer according to HUD is defined as an individual or his or her spouse who have not owned a home prior to the ADDI funding for the past 3 years.
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The ADDI is geared towards low income families, individuals and minorities trying to purchase their first home by assisting with the initial up-front fees of down payment, closing costs and repairs.
Public Housing Home Ownership Program offers help and incentive to encourage residents of public housing to buy their first home. One of the strategies is the possibility of converting your rent into mortgage payments.
For non-profit organization that support the development of housing for low income individuals and families. Potential homeowners must invest through sweat equity to obtain ownership.