HOME BUYERSASSISTANCE PROGRAMS

PROGRAM NAME/LOCATION


GEOGRAPHICAL RESTRICTIONS


INCOME RESTRICTIONS


PHONE NUMBER/ WEBSITE


DESCRIPTION


BENEFITS/TYPE OF ASSISTANCE


FIRST-TIME HOME BUYER
AmeriDream Inc. Gaithersburg, MD Available in most parts of the U.S. None, but the price of a single-family unit must be less than $333,700, and multiunit properties must be less than $641,650 866-263-7437 www.ameridream. org Administers gift funds to home buyers purchasing a home in the AmeriDream Down Payment Gift Program Down payment gift is generally 2% -- 10% of purchase price yes (not only first-time home buyers)
The Genesis Program Austin, TX Available in most parts of the U.S. None 512-231-0270 www.thegenesis program. org Administers gift funds to home buyers so they can purchase eligible Genesis properties Up to $22,500 for down payment and/or closing costs yes (not only first-time home buyers)
U.S. Department of Housing and Urban Development Washington, DC Available in most parts of the U.S. None, but borrower must have good credit and have sufficient income to cover mortgage, down payment, and closing costs. Borrower must also meet sufficient appraisal value requirements. 202-708-1112 www. hud. gov Administers a variety of programs targeting low- and moderate-income home buyers A variety of loans are available to low- and moderate-income families through its programs as well as its HUD homes yes (not only first-time home buyers)
Fannie Mae Washington, DC Available in most parts of the U.S. Home loan amount must be equal to or less than $337,700 800-732-6643 www.fanniemae. com Purchases home loans from its lending partners, enabling them to offer other home loans Offers a variety of products for those who have been underserved in the mortgage market and/or have less than perfect credit yes (not only first-time home buyers)
Freddie Mac McLean, VA Available in most parts of the U.S. None for the majority of the low down payment products N/A www.freddie mac. com/ home ownership Purchases home loans from its lending partners, enabling them to offer other home loans Offers a variety of products for those who have been underserved in the mortgage market and/or have less than perfect credit yes (not only first-time home buyers)
The Nehemiah Program Sacramento, CA Available in most parts of the U.S. None, but borrower must purchase a Nehemiah participating home, occupy the home, and use an eligible loan program 877-634-3642 www.getdown payment. com Administers gift funds to buyers purchasing a Nehemiah participating home Gives down payment and/or closing costs gifts that are 1% -- 6% of final contract sales price or a flat gift no greater than 6% yes (not only first-time home buyers)
NeighborWorks Washington, DC Available in 48 states in the U.S. Income limits vary according to market N/A www.nw.org/ network/home. asp Administers funds for community building and to help low- and moderate-income families become homeowners Gifts vary with each program. The program offers "full-cycle lending" home education before buying the home, as well as education on maintaining the home to prevent defaulting. yes (not only first-time home buyers)
Countrywide Financial Nationwide branch locations Branches in most parts of the U.S. Criteria varies according to credit score, rental history, and income 800-556-9568 http://my.country wide. com Mortgage lending institution Low and no down payment loans including the 80/20 program that gives two mortgages to cover 100% of the cost of home (under $500,000) yes (not only first-time home buyers)
Wells Fargo Home Mortgage Nationwide branch locations Branches in most parts of the U.S. Criteria varies according to credit score, rental history, and income 877-937-9357 www.wellsfargo. com/ mortgage/ Mortgage lending institution Low and no down payment loans including the No Money Down Plus program, ideal for home buyers who have excellent credit, but little savings yes (not only first-time home buyers)