If You Have Only $2,000 You Can Get the Home of Your Dreams NOW

For families that can afford to contribute $2,000 towards the purchase of a new home, the National Housing Foundation pledges to help supplement the remainder of down payment and closing costs. The foundation’s down payment assistance program is open to families whose household income is less than 115% of the area median income. Amount of gifts depends on a buyer’s need and chosen mortgage plan. Program participation depends on the buyer’s ability to meet detailed selection criteria, which is described fully on the foundation’s website. The program requires that the buyer work with a lender and realtor that has been designated a National Housing Foundation Community Partner; the organization will make referrals to interested buyers. Another requirement is pre-qualifying for an approved mortgage plan, which the partner lender will work on. Additionally, the home purchased must be enrolled with the National Housing Foundation, and its seller must agree to pay the gift amount plus a 0.75% service fee. Finally, the buyer is required to attend homeownership education classes. The Foundation will aid buyers in meeting all requirements and in the gift application process. Required forms and applications are available online. If there is no regional office of the National Housing Foundation in a buyer’s area, the organization recommends use of the Nehemiah down payment assistance program. Buyer must contribute $2,000, gift amount determined by need and mortgage plan. Seller pays gift amount plus 0.75% of home’s purchase price. Contact National Housing Foundation, Inc., 943 N. Plum Grove, Suite A, Schaumburg, IL 60173; 888-395-3100; www.nationalhousing.org
Income Eligibility: Must be a qualified homebuyer