Down Payment Grants

Real Estate

Down Payment Grants

Nonprofit organizations like the Genesis Program provide funds for house down payments, some as much as $22,500. While the qualifications vary, each program requires that buyers qualify for financing with their lender. You may have to complete a home ownership counseling course or provide 1 percent of the down payment from your own money. Sellers are sometimes asked to contribute as well.

As you might expect, many programs have income/asset restrictions, recapture clauses, reserves required or geographic boundaries.

These programs generally participate with FHA, conforming and jumbo loan products, and can be used for single family homes, manufactured/modular home, condos, townhomes, existing or new construction, rehab and jumbo.