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Getting Down Payment Assistance for a 203K Loan

The 203K is a type of loan that is provided for men and women by the government. It is designed to help men and women who wish to purchase an older home that has been damaged. This type of loan gives borrowers the chance to take care of various repairs that need to be done to the house. The 203K loan will normally include a provision that can give the borrower as much as six months of mortgage payments. This is designed to help the borrower obtain the finances that are needed to live somewhere else while the repairs are being made to the home. A contingency reserve is normally made as well. Although the 203K loan features lower down payments than most mortgages, it is possible to obtain down payment assistance in order to get the financial help that is required.

Getting Help from the Neighborhood Gold Down Payment Assistance Program 

The Neighborhood Gold down payment assistance program is managed by the Buyers Fund and is a private program. This type of down payment assistance program is designed to help provide money for down payments for qualifying homebuyers. However, the Neighborhood Gold down payment assistance program is designed for 203K loans and other loans that are a part of the FHA. Homebuyers can obtain between three percent and ten percent of the total cost of the home. The amount of money that is obtained from the Neighborhood Gold Down Payment assistance program can be used to take care of closing costs and the down payment on the home. The Neighborhood Gold down payment assistance program does have a fee that is one percent of the total price of the loan. This is normally taken out of the loan itself.

Getting Help from the State Down Payment Assistance Programs

A lot of different housing programs are provided for men and women by most of the states in America. These housing programs normally offer down payment assistance as well. In addition, every state provides a housing authority that is normally similar to HUD. Down payment assistance is normally provided by secondary lending and state level grants. 100% financing assurance is available as well. The amount of money that can be obtained will depend on the state that you are located in. In addition, the type of assistance that can be obtained will be based on your location. It is important for you to get the help of a qualified lender like Prospect Mortgage. You will be able to find out what type of assistance programs you can qualify for.

Getting Help from the American Dream Down Payment Assistance Act

The American Dream Down Payment Assistance Act was formed on December 16, 2003. This type of down payment assistance program is a part of the HOME Investment Partnership Program. It can give the men and women who need it as much as six percent of the home’s total cost. In order to obtain the American Dream Down Payment Assistance Act, you must be purchasing a house for the first time. If you qualify for this type of down payment assistance, you will be able to use the money for closing costs and the down payment of the house. Most eligible homeowners do not have to pay back the money after they purchase the house.