Down Payment Assistance Programs

Down payment assistance programs may only cover closing costs.
Down payment assistance programs may only cover closing costs. (Image: Model Homes image by Chad McDermott from <a href=''></a>)

Down payment assistance programs seek to help first-time homebuyers and low-income families purchase a home. Many families are pre-approved or approved for an FHA home loan, but are unable to raise the money needed for a down payment. Depending on the program, you may qualify for up to 10 percent of the final sale price of the home. The program you select may require any unused funds are returned.

Nehemiah Program

The Nehemiah Program offers down payment assistance to families who are either pre-approved or approved for a FHA home loan. The program covers up to 6% of the final sale price of the home. The program is open to both first-time buyers and people who have purchased homes in the past. There may be a fee for services rendered by the Nehemiah Program.

Nehemiah Corporation of America 640 Bercut Drive, Suite A Sacramento, California 95811-0131 916-231-1999

Housing Action Resource Trust (HART)

Housing Action Resource Trust offers up to $25,000 towards the final purchase price of a home. The program is available to families that are pre-approved or approved for a FHA home loan. After getting pre-approval for a loan, finding a home and making an offer, your loan officer can apply for the HART assistance program on your behalf. If your application is accepted, a reward letter is sent to you. You are not required to repay the down payment assistance received from HART, but a fee may be charged for processing the grant.

Housing Action Resource Trust 8711 Monroe Court Suite A Rancho Cucamonga, CA 91730 888-820-4278

Partners in Charity

Partners in Charity offers down payment assistance from 2% to 10% of the final sale price of the home. Unlike the aforementioned down payment assistance programs, you do not have to already be pre-approved for an FHA loan before applying for assistance from Partners in Charity. In fact, the assistance you may receive can be listed in the pre-approval process as your source of the down payment. As with the Nehemiah Program, there may be a fee for services rendered.

Partners In Charity 613 West Main Street West Dundee, IL 60118 800-705-8350

American Family Funds

American Family Funds offers assistance to families who do not qualify for a conventional mortgage and cannot afford a down payment. After gaining pre-approval or approval for an FHA loan, your loan officer can submit an application for pre-approval for assistance from American Family Funds. It is important to request pre-approval as soon as possible. There is a chance that delaying a request for pre-approval may cause a delay in processing the forms needed to close the purchase of a home with an FHA loan.

American Family Funds 851 E. I-65 Service Road S. Suite 304 Mobile, Alabama 36606 251-344-1084

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