Down payment assistance programs seek to help homebuyers pay for down payments and other closing costs.
For people looking to purchase a new home, oftentimes the most difficult thing is saving enough money for the down payment. Down payment assistance programs are administered by states or cities, and these programs provide funds to eligible buyers. Generally, these programs are only open to first-time homebuyers, but individual programs will vary.
Ohio Down Payment Assistance Grant
This grant is open to Ohio residents who are eligible for one of the following programs: the Target Area Loan Program, First-time Homebuyer Program and the Ohio Heroes Program. Eligible buyers can receive up to 2.5 percent of their home's purchase price, and these funds can be used for closing costs, down payments or other related closing expenses. Those that choose to take advantage of 2010 programs will be charged an interest rate that is 0.5 percent higher than the Ohio Housing Finance Agency's (OHFA) current rates. Applicants must also participate in either a streamlined OHFA homebuyer education program or another U.S. Department of Housing and Urban Department approved homebuyer education course
Office of Homeownership
Ohio Housing Finance Agency
57 E. Main St.
Columbus, OH 43215
888-362-6432
ohiohome.org
Fort Worth Down Payment Assistance Program
The Neighborhood Stabilization Down Payment Assistance Program is sponsored by the city of Fort Worth, Texas, and the U.S. Department of Housing and Urban Department, and seeks to provide funds to qualified homebuyers who are seeking to buy foreclosed houses. These houses must be located within certain ZIP codes within the city of Fort Worth. Eligible homebuyers can receive up to $25,000 in aid. Of this amount, $5,000 can be used for closing costs, and $5,000 can be used for repairs. The remaining $15,000 can then be used for the down payment. To be eligible, the home must be used for the buyer's permanent residence, and funds cannot be used for investment properties.
Housing and Economic Development
1000 Throckmorton St.
Fort Worth, TX 76102
817-392-7540
fortworthgov.org
Arkansas ADFA Down Payment Assistance Program
This program is open to first-time mortgage borrowers, and it is sponsored by the Arkansas Development Finance Authority. Eligible applicants can receive between $1,000 and $6,000 for closing costs, and some expenses paid by the borrower during the closing may also be eligible for a refund. Applicants interested in participating in the program must participate in a Home Buyer's Counseling Program, and a certificate of attendance will then be administered to the homebuyer, proving that they attended the program.
Arkansas Development Finance Authority
900 W. Capitol, Suite 310
P.O. Box 8023
Little Rock, AR 72203-8023
501-682-5900
state.ar.us
Tags: closing costs, Fort Worth, Assistance Program, Payment Assistance, Payment Assistance Program, Arkansas Development
