The Grant America Program provides low to moderate-income home-buyers with a down payment grant to be used towards the purchase of a home. It was established to help low to moderate-income homebuyers realize the dream of home ownership.
The Genesis Program, also known as Grant America, offers down payment assistance to low and middle income home buyers. Buyers with an FHA loan or who are pre-approved for FHA mortgages qualify for this program.
Grant America offers up to $34,000 in down payment assistance.
This program for those buying new or resale homes.
The seller must participate in the Grant America program and pay a fee.
Tell your realtor you want to buy a home using a seller in the Grant America program. Once you find a home you wish to buy, contact your loan officer. An application will be sent in your name for Grant America, which will send funds to approved buyers the day you close the deal.
Contact your loan officer if you have questions on the Grant America application process. Sellers must participate in the program. Your loan officer and realtor may be able to assist if the seller has questions about how to sign up.
Elimination of Non-profit Down Payment Assistance
On July 30, 2008, President Bush signed H.R. 3221 - Housing and Economic Recovery Act of 2008.
Section 2113 of the bill prohibits seller-funded DPA (Down Payment Assistance) for loans backed by
the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to
cover either a down payment or closing costs on an FHA loan. The changes became effective October 1, 2008.
Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.
Q: What is the debt-to-income ratio for FHA loans?
A: The FHA allows you to use 29% of your income towards housing costs and 41% towards housing expenses and other long-term debt. With a conventional loan, this qualifying ratio allows only 28% toward housing and 36% towards housing and other debt.
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