Neighborhood
Gold Down Payment Assistance
...............................................................................The Neighborhood Gold Down Payment Assistance program allows homebuyers to
purchase a home with no downpayment and no closing costs by providing the money necessary
to purchase without repayment!
This program is not limited to first time
homebuyers. The Neighborhood Gold program may be used by any homebuyer that qualifies for
a FHA loan.
You may receive from 3% up to 10% towards your down payment and
closing costs dependant on the amount of participation of the seller.
An added benefit of the Neighborhood Gold Down Payment assistance
program is that for the first year you will receive free Involuntary Unemployment Mortgage
Program providing coverage in the event they lose their job as a result of strike,
lockout, individual or mass layoffs, or loss of income due to business failure or
bankruptcy. This insurance will make you monthly payment of up to $1,500 for up to 12
months.
The program is a 501 (c) (3) nonprofit program, which issues cash
grants to homebuyers at the closing of their loan. The only requirement of the program is
the participation of the seller and the homebuyer to qualify for a FHA loan.
In order to use the Neighborhood Gold Down Payment Assistance
Program, you must be prepared prior to making an offer on a property. Since the program
requires the participation of the seller, it must be negotiated before
finalizing your purchase offer.
There is 1% fee (not to exceed $1,000) for the use of this program.
This fee maybe paid by the seller of deducted from the cash grant and again, must be
negotiated in the initial transaction.
Next, learn about the most important part of purchase a home  FHA Loan Qualifying |
