I have an article on home down payment assistance programs for first time home buyers and even some other buyers.  I can also show you which down payment grants exist for particular cities and areas.  We find that most buyers will go through FHA with their down payment assistance as the terms under FHA guidelines are pretty reasonable compared to others.  For those looking for the government to help with their mortgage and loan for their housing search, we also have that on our page listing neighborhoods, city, county, state and or any federal programs that exist for Minnesota.  You’ll want to check with us on any HUD down payment assistance programs that currently exist in hits market.  Our agents are here to tell you how to get free assistance if you qualify.  Specific categories we would like to answer your questions for are down payment assistance under these names:
Neighborhood Gold, low ncome,MHDC,USDA,and HomeFirst.  Sometimes smaller programs temporarily run out of money, so it’s important for you to keep in contact with one of our agents on this.

If you are a buyer looking for down payment assistance and grants then I have an article that you would enjoy.  I’ve compiled a list of numerous places that have short-term loans and credit lines.  I’ve also included a list of available neighborhood, city, county, state, and possible federal down payment assistance programs that exist for buyers with certain guidelines that are unique to each.  Almost every down payment program is for those getting qualified for a home loan program.  The down payment programs really don’t go along with the contract for deeds as much as most are for certain neighborhoods, cities, and states.  We do know of one program, the bridge to success program that subsidizes a group of local contract for deed properties, so please contact our agent and we can show you the exclusive properties to this program, not just any property works for the program.

Mortgage Down Payment Assistance Program

There are programs like Nehamiah, Ameridream, you can even use them with FHA financing.

http://www.fha.com/program_ameridream.cfm

I am personally doing a deal right now with Nehamiah with FHA, let me go over a little bit about how it works.

The seller participates into this program and pays a fee at closing to this company, the company charges a processing fee, on my transaction it’s $295.   Then the buyer is able to get a similar amount from Nehamiah for the time of closing. The seller doesn’t owe it unless the deal goes through.  This idea has been tested with the courts and passed.

The form I have right now with Nehamiah is a 1 page form that the seller signs.

The website is www.getdownpayment.com    1-877-634-3842

There is a contribution amount of 1-6% on one line.  Another line has the processing fee.  Another line has the total amount due to Nehamiah Corporation of America.

They claim to be the largest privately funded down payment assistance program.  They describe it as gift funds for the buyer.  The seller signs, and prints there name and fills out the address.

It does read as the following:

Note: You are only committed to pay the above contribution and fee if a home buyer utilizes the nehamiah program to purchase your home.

What I like about this program is right now with 550-600 credit scores we have had people getting loans done up to 100% financing.  How do we do this?  Well with the Nehamiah program that contributes 3% and the other 3% in closing costs paid by the seller rolled into the loan, that helps to make it almost no money out of pocket for the buyer.  Buyer may still need to pay for an appraisal, maybe an inspection, but it’s really easy with this program and the credit scores and other qualifying standards are pretty fair.

If you want any help at any point looking at properties and aren’t working with an agent, let me know ron@minnesotainvestors.com