What Happened to the Buyer Assistance Program

Some years ago, there was more than one buyer assistance program available to first time home buyers. However, things have changed a bit since then.

Today, the only means that first time home buyers have for getting assistance is through the HUD-approved agencies that can be found in their own local communities.

Just a few years in the past, many charities used to provide assistance, but a recent law was passed in 2008 that outlawed their use. As a result, old charities like the Nehemiah Program and the Ameridream Program can no longer be used.

What about the Grant America Program?

The application process for this buyer assistance program was very simple because it involves the requirement of only having an FHA loan or a pre-approval for an FHA mortgage to qualify for Grant America.

This down payment assistance program used to offer up to $34,000 in buyer assistance. Finally, while participation in this program was never a prerequisite for inclusion in the contract, the seller still had an obligation to take part in the Grant America program.

Unfortunately, like the other programs, the Grant America program is not available anymore, which is why it's recommended that first time home buyers get approved for an FHA home loan with a low down payment or one of the grant programs offered by your individual state.

What about the Partners in Charity Program?

People applying for this program could get between 2 percent and 10 percent of the final closing price, in terms of need-based help. Further, the funds could then be utilized for things like a down payment and the requisite closing costs. During the pre-approval process, said assistance from this program could even be listed as the down payment's source.

Unfortunately, the Partners in Charity program is not available anymore. This program came with one requirement: They have to have a real intention to actually occupy a building or home that they purchase. In other words, people could not get assistance from this program for merely buying a home they intended to rent. Which made it a cool program.

What can a First Time Home Buyer Do Now?

The best option is to go with a low down payment program like FHA or investigate the qualifications for the few zero down payment programs out there. Would you like to see if you qualify for an FHA program?

Since the down payment buyer assistance program is not really an option now, you many want to look into the first time buyers programs or grants offered in your own state. There will be some requirements to qualify for these, but they may be able to help you with that down payment.

Be sure to check out First Time Home Buyer Loans to understand what other loan options are available.

Zero Down Home Loans is a great option to investigate also.

Last but not least Best FHA Home Loans explains the various FHA loan products that are great for first time home buyers.

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