any potential first time home buyers have the income and credit stability to qualify for home mortgages; however, they may not have the necessary funds for the down payments and/or closing costs. Down Payment Assistance is a fast, new streamlined program to overcome such obstacles and provide new potential homebuyers with the cash at closing for these critical expenses and cash that they do not have to repay. This incredible service is provided by grants from an existing pool of funds from a nonprofit organization for the purpose of assisting honest, hardworking people in participating in that great American dream, home ownership. Gift funds are available as grants up to $40,000, and based on the final sale prices of the homes and the needs of the buyers. The program funds are free monies offered by the program to qualified homebuyers, requiring no repayments, no silent second mortgages and no recapture penalties. The funds are offered towards the purchase of seller-participating homes anywhere in the United States, with no income limitations and no geographical restrictions. The money given to the buyer is a true gift.

How Do Buyers Qualify?
A buyer qualifies for the Down Payment Assistance Program by qualifying for any owner-occupied home loan from a lender who accepts grant funds from a nonprofit organization, and by purchasing a participating home from a seller who agrees to make a contribution to the program after the home closes.

Benefits
Buyers may achieve potential tax benefits, appreciation of the property value, build equity, buy a home at lower cost now than at sometime in the future, receive free grants for up-front home buying expenses, and just enjoy that good feeling of home ownership.

Sellers have a better chance of selling their participating homes faster, and at full asking price. The availability of a down payment assistance grant can increase their pool of potential buyers, and their bottom-line net is comparable to a traditional sale.

Advantages

• One form to fill out
• Gift funds up to $40,000 - not just 3%
• Gift funds may be used towards closing costs and/or to buy down the rate
• No downpayment requirements - no cash investment required by borrowers
• No income restrictions
• No asset requirements
• No reserve requirements
• No registrations required by the realtor, lender or closing agent.
• No homebuyer education required
• No geographic boundries in the United States
• No extra qualifying required when approved by lender
• No underwriting or credit checks
• No recapture clauses - the buyer never needs to pay it back
• No property Inspections, certifications or homeowner's warranties required
• Compatible with most conventional, nonconforming and FHA loans
• Great fast service - same day funding with receipt of paperwork before 12:00 noon CST
• Sellers can market their properties to more potential buyers
• Buyer Referral Network - Area applicants referred to Lender and Realtor participants
• Downloads - all forms available on Internet
• Online or fax application

Next Step: Down Payment Assistance
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