firstsource

Yes You Can Get FREE Money To Buy A Home With Grant Programs

36 posts in this topic

Grant Programs are legal and approved by the HUD. Some grant programs were stopped last year, however, the Ameridream Charity is still an active grant program that is legal.

These programs help people who have not saved money for the down payment or closing to obtain mortgages. Technically, the seller registers their home and agrees to a 3% downpayment plus a $500 service fee through the purchase and sales contract. The seller is also allowed to pay up to 6% toward buyers closing costs, prepaids and escrows all through the FHA program. Because a seller is willing to contribute for the down payment and closing, prepaids and escrows, they will ask more for the property. A hypothetical example would be on a purchase price of $100,000 the seller would agree to donate $3,500 to the Ameridream Charity and an additional $4,000 for closing costs, prepaids and escrows. After closing the seller only nets $92,500, but the buyer paid $100,000. So the buyer really finances their closing by offering more money. Someone who didn't need assistance could just pay $92,500 and pay their own closing costs and put down their own 3% down payment.

So it is not a silent second mortgage or anything that needs to be repaid, it's actually in the higher purchase price.

I hope that makes sense.

Does that mean that it can be a charity tax write-off? Is that how they swing it?

Share this post


Link to post
Share on other sites
How many posts does one have to have under one's belt before members have the common courtesy of replying?

just one . maybe noone that has read it knows the answer .. I don't

Q

Share this post


Link to post
Share on other sites
just one . maybe noone that has read it knows the answer .. I don't

Q

Thanks for answering at least that one! I was hoping the charity write off question would get some reaction since it is probably the trick...

Share this post


Link to post
Share on other sites
Recently there was a question on grants & Gift Programs. This is a more thorough answer to that question

A lack of adequate cash for a down payment and/or closing costs doesn't mean that you absolutely can't buy a home of your own. Even if you don't qualify for a no-down-payment VA-guaranteed loan, you might qualify for a grant program that provides money for a down payment. This report provides information about nine current grant programs.

· The Nehemiah Program-Provides a gift of 1% to 6% of the contract sales price to be used toward a down payment and closing costs.

· Family Home Providers-Gives a gift of 3% or more of the contract sales price to be used toward a down payment and closing costs.

· The Hart Program-Homebuyers can receive up to $15,000.00. The amount of the gift is based on need and is not a set percentage of the sales price. Homebuyers do not need to be first-time homebuyers to qualify for HART gift funds.

Yes, there are many grants in addition to these programs that you may qualify for, including grants to pay off your credit cards, student loans, and other personal expenses. There is billions of dollars in your tax money being given away to millions. You are entitled to receive some of this money too.

Share this post


Link to post
Share on other sites

Thanks for sharing this informative post.

I want to add some information, now a days the real estate business have been prevailed and most condolence business near to me

Share this post


Link to post
Share on other sites

Maybe someone could update the original post with the ones that are actually current.

Anyone know off-hand which ones don't apply now?

Share this post


Link to post
Share on other sites
Maybe someone could update the original post with the ones that are actually current.

Anyone know off-hand which ones don't apply now?

BUMP

Share this post


Link to post
Share on other sites

There is no REAL money in circulation (only among the big banks) let alone free money. Don't be mislead by the word 'Dollar' written on the currency. It is NOT the silver dollar, it is the paper dollar BILL.

We have paper dollar bills, not silver dollars. :)++:)++

Edited by machinebike

Share this post


Link to post
Share on other sites

I do have 1% of contract sell price. Now, how can I found that the seller/buyer is registerd in the OWN program or not?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now