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Down Payment Assistance Programs

Sample HUD Using Down Payment Help

Now, you see the basic difference on where the funds go. But, lets suppose you need down payment help, but make to much money or the home is to expensive to qualify for a government program. Now you have to use a Charity/Not-For-Profit that is dependent upon a seller contribution. Lets show you this same Transaction using this scenario without a Realtor®.

Notes
Buyer Costs
Seller Costs
This is the purchase price of the home.
$100,000.00
$100,000.00
Closing Costs Buyer/Seller
$4,500.00
($2,000.00)
Buyer Prepaid (property tax & insurance)
$1,100.00
Sellers Contribution to "Insert Name"
($3,500.00)
Buyers Down Payment (3%) From "Insert Name"
($3,000.00)
Buyers Closing costs paid by seller.
($5,600.00)
($5,600.00)
Seller Mortgage to be paid off (we'll just make up a number)
($65,000.00)
Amount of Buyers Loan ($97,000.00)

Funds due from Buyer

Funds due to Seller

$0.00
$23,900.00

And finally, lets give you an example of this same transaction where you the buyer needs Down Payment Help from the seller, Closing Costs Assistance from the seller, plus we went and got a Realtor® to negotiate the contract on a home listed by a Realtor®.

Notes
Buyer Costs
Seller Costs
This is the purchase price of the home.
$100,000.00
$100,000.00
Closing Costs Buyer/Seller
$4,500.00
($2,000.00)
Buyer Prepaid (property tax & insurance)
$1,100.00
Sellers Contribution to "Insert Name"
($3,500.00)
Buyers Down Payment (3%) From "Insert Name"
($3,000.00)
Buyers Closing costs paid by seller.
($5,600.00)
($5,600.00)
Real Estate Commission (6%)
($6,000.00)
Seller Mortgage to be paid off (we'll just make up a number)
($65,000.00)
Amount of Buyers Loan ($97,000.00)

Funds due from Buyer

Funds due to Seller

$0.00
$17,900.00

If you look at all the numbers realistically, which one do you think has the best chance to FLY? The ones in which Realtors® are involved in the transaction, or the one in which you're dealing directly with the seller in a for sale by owner transaction.

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