|
Programs To Help You Fund Your American Dream
By: James Dimmitt
The American Dream of home ownership is on the rise across the United States.
According to the latest figures available, the US homeownership rate reached a
record 69.2 percent in the second quarter of 2004, up from 68.3 percent in 2003.
And for the first time, the majority of minority Americans own their own homes.
Owning a home provides tremendous benefits for families and for the communities
in which they reside. Homeownership provides a sense of security and allows
families to build wealth. A home is the largest financial investment most
American families will ever make. Homeownership translates into a greater
concern for neighborhoods and their communities as owners work to maintain the
value of their greatest investment.
However, the most significant stumbling block for many low- to moderate-income
families is being able to afford the down payment and closing costs.
Fortunately, there is help - through down payment assistance programs or DAP’s.
DAP’s have been around for years yet many people, the people who could use them
most, don’t even know they exist. With home prices and interest rates on the
rise, there’s no time like the present to explore these programs and their
benefits.
The Nehemiah Corporation of America has helped over 170,000 families and
provided more than $659 million in gift funds since 1997. They offer gift funds
up to 6% of the final contract sales towards your down payment and/or closing
costs. These grants are available to both first time and repeat homebuyers.
There are no income or asset limits, no geographical restrictions and the gift
funds do not have to be repaid. For more information about this program, visit
www.getdownpayment.com or call 1-877-634-3642.
Another national provider of a DAP is Ameridream. To participate in AmeriDream's
Downpayment Gift Program, a homebuyer must contact a lender and qualify for a
loan that allows gift funds, and the homebuyer must purchase a home from a
builder or seller who has enrolled his or her home in the program. Visit www.
ameridream.org for more information.
Partners In Charity, www.partnersincharity.org, is another national organization
assisting families in achieving the American dream. PIC gives a down payment to
those who demonstrate their ability to responsibly pay their rent and bills each
month, turning renters into buyers.
They refer applicants to a licensed mortgage lender and licensed realtor who
assists in finding the right home and the right financing package. Or, the buyer
can chose to work with someone they already know. The mortgage lender then
requests the gift of a down payment from Partners In Charity in the amount of
3%, 4% or 5% for the buyer. And, the gift never needs to be repaid, ever. PIC
takes the gift giving one step further by also giving a gift to a community
charity selected by the real estate team.
In addition to these national resources, there are also many state, city, and
faith-based sponsored programs available to assist families, especially
first-time homebuyers. Different agencies have various programs, requirements,
and limits. If you don’t qualify for one program, keep checking around. The
important thing to remember is that help is out there. And with a little help,
you can achieve the American dream!
About the Author:
© 2005,
http://www.yourfreecreditreportnow.com Author: James H. Dimmitt James is
editor of “To Your Credit” a FREE weekly newsletter focusing on managing your
personal finances and credit. Subscribe and get a FREE copy of your credit
report when you visit:
http://www.yourfreecreditreportnow.com
|
