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Downpayment Gifts

 

Helping home buyers cover down payment and closing costs.

Potential home buyers who can make a house payment with no difficulty sometimes can't buy a house because they don't have the funds required for a down payment and closing costs. One solution to this problem is to use a down payment gift assistance program, sometimes called a down payment grant program.

Home sellers can help buyers pay closing costs by giving a portion of their proceeds back to the buyer at closing. The amount of seller assistance that's allowed depends on the type of loan the buyer is getting. Because sellers are not allowed to give a home buyer any down payment funds, the gift assistance programs can play an important role in helping you purchase a home.

How it works:

  1. The seller enrolls their house in a suitable program and contributes an amount equal to the assistance their buyer will receive at closing, plus a fee.
  2. When the transaction closes, the down payment funds are wired from the gift assistance program to the closing agent. The seller plays no part in the transfer of funds.

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