BuyersFund - Neighborhood Gold Downpayment Assistance Grant

Program Description

Neighborhood Gold works with the Buyers Fund to offer a BuyersFund Downpayment Assistance grant to prospective homeowners. This money comes from an existing pool of funds and can be used for downpayment and/or closing costs. It's compatible with FHA, Conventional and Sub-Prime loans.

This program also offers an exclusive Neighborhood Gold - Buyers Fund Mortgage Protection Plan. This insurance covers the first 12 months of the loan and can pay up to six, full monthly mortgage payments, offering protection for both the buyer and lender.

Eligible Buyers: This program is not limited to first time homebuyers. However, buyers must qualify for a loan that allows gift funds from a non-profit organization.

Eligibility Guidelines: FHA guidelines are used to qualify for this grant and the grant is a bona fide gift with no obligation for the homebuyer to pay it back.

Eligible Properties: Any new or existing property

Income Limitation: There are no income limits and no credit restrictions. If a buyer is approved for a loan, he or she can receive the grant funds, regardless of income level.

Seller Service Fee: The service fee is the grant amount (which can be anywhere from 3-10 percent of the sales price), plus a small transaction fee.

Maximum Grant Amount Allowed: $25,000

Immediate Funding: Funding of the grant can occur immediately upon receipt of the grant application and signed closing instructions from the title company. Gift letters go out the same day the grant application is received.

Save Time, Save Money: No roof certs, homeowners' warranties or home buyers' education required. The seller can save hundreds of dollars. No paperwork is needed if online grant application is completed. Otherwise the grant applicaiton can be filled out and faxed to 1.888.627.3025.

Contact: BuyersFund - Neighborhood Gold® has a national and local presence to help you set up your grant transactions in a smooth and efficient manner. For more information, call Kevin Christensen, 1.888.627.3023 or go online www.neighborhoodgold.com.