Down Payment Assistance and Grants for first time home buyers
     
    Down payment assistance grants are typically available from two different types of services: Government subsidized programs and charitable organizations that utilize HUD/FHA guidelines that allows for Down Payment Assistance (DPA) to be given to the homebuyer in the form of a gift or grant.
     
    Government Subsidized Programs:
     
    The Community Development Block Grant program helps strengthen cities, towns, and villages throughout the nation. Authorized in 1974 by an act of Congress, the program grants states and local communities funds to provide housing and create jobs primarily for low and moderate income people.
     
    State Administered CDBG
     
    Also known as the Small Cities CDBG program, States award grants to smaller units of general local government that carry out community development activities. Annually, each State develops funding priorities and criteria for selecting projects.
     
    Entitlement Communities (Large City and County Programs)
     
    The CDBG entitlement program allocates annual grants to larger cities and urban counties to develop viable communities by providing decent housing, a suitable living environment, and opportunities to expand economic opportunities, principally for low- and moderate-income persons.
     
    Disaster Recovery Assistance
     
    HUD provides flexible grants to help cities, counties, and States recover from Presidentially declared disasters, especially in low-income areas, subject to availability of supplemental appropriations.
     
    Here are some examples:
     
  2.75% interest rate on 15 year loan with no down payment required- National Program
  3.5% interest rate on 30 year loan with no down payment required- National Program
  $10,000 Principal reduction, 95% closing cost assistance, 1/2 of down payment paid for. City Program
  $10,000 to $14,500 based on Area Median Income Percentage % City Program
  First-time home buyer program which provides principal reduction, down payment, and closing costs assistance up to $10,000.00. Also, may provide a grant of up to $1,500.00 for Minimum Housing Standards repairs. City Program
  $14,200 for new construction, $9,500 for resale properties, For new houses in select target areas, participants may receive up to $25,000 County Program
  100% Financing in designated rural areas, no down payment required- National Program
     
   
     
    FreeDownPayment.org is an orginization that assists buyers with finding free down payment assistance programs and grants. We put you in touch with local Realtors in your desired area who specialize in first time home buyers. Our agents can advise and help you with the various down payment assistance programs available. Most first time home buyers don't realize they may qualify for reduced interest rates and thousands of dollars in FREE money or grants to help them with obtaining the American Dream.