Would you like to keep more funds in reserve to maintain your home and make your regular mortgage payments? Down payment and closing cost assistance solutions assist qualified borrowers with filling the cost gap from a variety of authorized sources. Some of the Down payment sources and how to finance are:
Administered by HUD, the HOME Investment Partnerships Program is the largest federal block grant to state and local governments (including HFAs), and is designed exclusively to create affordable housing for low-income households (those earning 80 percent or less of the area median income).
Mortgage credit certificates are issued by certain state or local governments, including state housing finance agencies. They generally allow homeowners to claim approximately 20 percent of their annual mortgage interest as a yearly tax credit throughout the life of their original first mortgage.
A component of the Community Development Block Grant program, HUD provides Neighborhood Stabilization Program (NSP) grants to communities hardest hit by foreclosures and delinquencies to purchase, rehabilitate, or redevelop homes and stabilize neighborhoods.
Designed for creditworthy low- to moderate-income borrowers, it features:
MortgageGrants.com helps potential homebuyers determine their eligibility for a program and searches for potential funding sources.