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Yes that was popular back in the early 2000 to maybe 2005 in Phoenix area. I haven't seen any programs like it since. We had a couple of transactions back then using down payment assistance and all went smoothly. If I remember correctly there were 'term's attached to it such as buyers couldn't sell the house with 10 years or they had to pay back gift on a prorated basis.and they had to take a class.
Elizabeth R. Elstien
Kathleen Daniels, Prob...
San Jose, CA
Tony and Suzanne Marri...
Yes I do remember one of my agents having buyers getting "free" money...I also learned that they either knew someone who was pushing the paperwork through or that they were not honest on the application.
I have worked with many home buyers who work 2nd and 3rd jobs (bless them) just to get into a home and I find it really irritating that there are people out there getting "free" money. Nothing in life is free...
Do you know what happens to people that need "free" money in order to get a house? They get foreclosed on, because they either really can't afford it or they have not changed their lifestyle.
Stevens Point, WI
Kathleen Daniels, Prob...
San Jose, CA
hmm no I haven't however I will be reading and following the answers here with great curiosity
I used Tallahassee Lenders' Consortium to help with a Buyer several years ago. They provided a "silent second mortage" for the down payment.
Sorry that the I cannot provide the details of that transaction, but you can visit the TLC website to see how they assist buyers, help persons in foreclosure, and offer other services.
Prince George's County MD offers closing costs and downpayment assistance programs often. The current one is "Pathway to Purchase" and the programs have been very successful. The buyers have experienced very little if any problems with the program as long as the participating lenders get the required documents in on time. As long as buyers remain in the home for 10 years, the grant is forgiven.
I had a buyer use the Nehemiah program years ago, but the program was shut down around 2008. The transaction went ok and I don't recall any glitches. http://www.fhaloan.com/nonprofit_nehemiah
I am new here and not that familiar with what you are asking sorry
We still have buyer assistance through the City of Aurora. HOAP.
No it has not happened to us.
Here in NH we have NH Housing which does offer grants to assist with down payment.
Never heard of that. I know lenders have issues around gifts from family for the down payment. Would be interesting to see how this works.
I believe this is all very specific for the particular program and there should be lots of documentation provided by the offering agency.
Popular in Lee County Florida for a while back in the day. Various programs with complete forgiveness over 10 to 15 years. Sell before then, entire amount due and payble!
Yes. Check your local websites.
Anna Banana Kruchten nailed this one!
What do you mean by a non-profit entity?
I have had problems with local non profits that provide security deposits for renters. Never works out well, and I will not deal with them again.
Elizabeth R. Elstien - never happened this with me.
city first time buyer assistance program. Lower interest assistance. No interest employee assitance from hospital....
Teachers, police officers and fire fighters do have a fund here - $15K DPA that they don't have to pay back if they remain in the home for 5 years. Should they sell prior to the 5-years being up, the re-payment is pro-rated, based on the number of years they stayed in the home.
I have not
I have no expereince in this but interesting reading the comments..good information.
Our City has a first time buyer program and years ago there were many non-profit programs in existence but they faded away. The downpayment money was forgiven over time as they lived in the house.
We have Clfa in our state and they have to take a class but it is free money till you sell. then you have to pay it back.
No experience but curious too see if others have done this!
Thank you for the opportunity, but unfortunately San Diego County hasn't offered one in years, nor the government. We used to have one for school teachers back in 2006-07 that was down payment assistance, but that was 10 years ago and the memory fades.