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!
