Genesis Program (Grant America)
FHA Downpayment Grants for Homebuyers
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.
Additional Information:
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.
FHA LOAN QUESTION # 16 [ -more FHA questions- ]
Q: How can I receive a discount on the FHA initial mortgage insurance premium?
A: Ask your real estate agent or lender for information on the HELP program from the FHA. HELP - Homebuyer Education Learning Program - is structured to help people like you begin the homebuying process. It covers such topics as budgeting, finding a home, getting a loan, and home maintenance. In most cases, completion of this program may entitle you to a reduction in the initial FHA mortgage insurance premium from 2.25% to 1.75% of the purchase price of your new home.
First time home buyers purchasing a home with an FHA loan or going through a HUD-approved charitable agency can use their 2009 First Time Homebuyer's Tax Credit to make their downpayment.
Down payment assistance programs allowed the seller and charitable organizations to contribute towards the closing costs and down payment of FHA loans.
