† Charity Not For Profit Home Buyer Assistance

Charity Not-For-Profit Home Buyer Assistance

There are two types of down payment assistance. The first type is from Charity/Not-For-Profit 501c3 organizations, does not require you to be a first time home buyer, and is based upon certain critical factors relating to seller contributions.

Seller contributions? What do we mean by this? Basically, the seller must agree to make a donation to the organization equal to the amount being gifted by them at closing. (Less a small administrative fee).

Here is an Overview of the process:

Overview of Charity Programs

As you can see, no actual currency changes hands. What occurs is basically a "an exchange of paper", with a seller making a contribution for a dollar amount that is deducted from the sellers proceeds. These funds are later wired to the Not-For-Profit 501c3 as a donation. Don't be fooled by 501c3 organizations that call funds grants.

How it works:

Seller		Buyer

$87,500.00	*Gross Proceeds*	$7,000.00	Gross Due From Seller
($ 7,500.00)	*Gift to*	($7,000.00)	Gift From
$80,000.00	*Net Proceeds*	$0.00	Net Due From Seller

Prior to your closing, however, the Not-For-Profit has contributed a down payment equal to the seller's commitment, less a small administration fee for managing the transaction.

So, what are the critical factors?

A Willing Seller
A Participating Realtor®
A Savvy Lender/Broker Representative
A Participating Lender
An Approved Loan

This program allows thousands of people to close on their home loans every month. Frankly, it's a Terrific Way to buy a home! There are absolutely no income restrictions, no housing price caps and no restrictions on prior home ownership. It can be done just as easily with a million dollar home purchase as it can with a fifty thousand dollar home purchase.

Is this legal? Absolutely! As long as the process is done correctly, you can't go wrong. We jokingly refer to it as "Legalized Money Laundering".

This is why, if using this system, you really need an experienced Lender/Broker/Banker Representative and Real Estate Professional to correctly facilitate the contracted purchase and funding of YOUR home loan!

Predatory Lending - An award winning educational site for Protecting home buyers from Predatory Lending practices.
Home Buying Guides - The premier guides to buying your home as developed and produced by the Fannie Mae Foundation.

Lets Get Some Charity!!!!

Go to Government Grant Down Payment Assistance!

Home Buyer Education:
Reverse Mortgages