The Genesis down payment assistance program is one of the best of it’s kind. It’s a national down payment assistance program that provides home buyers with free grant money, or “gift” money to use for a down payment, closing costs, or other costs associated with buying a home. With help from this program you can literally buy a house with no money down. And there’s no catch – the money you receive is a grant, or gift. There is no lien recorded against the home and you will never have to pay the money back. If you’re buying a home and need help with the down payment you can visit the Genesis website using the link provided at the end of this article.

Here are a few of the most positive aspects of this program:

In order to qualify the only things you have to do are 1) get approved for a mortgage that accepts gift funds for use as your down payment (such as FHA) and 2) you have to purchase your home from a seller that will participate in the Genesis Program. So basically if you are approved for your loan you are AUTOMATICALLY ELIGIBLE for a grant from Genesis as long as the seller of the property will participate in the Genesis Program. Your real estate agent should be familiar with down payment gift programs such as this one and will be able to explain how it works to the seller. It’s typically not very hard to get the seller to go along with it because by participating in a down payment assistance program the seller is able to sell the home much faster, simply because it makes the home accessible to so many more buyers. Coming up with a down payment is the biggest hurdle for most home buyers.

Additional facts about the Genesis down payment assistance program: There are no geographic restrictions – You can buy a home in any state. You don’t have to be a first time home buyer to qualify. Here’s a big one: There are no income restrictions – It makes no difference how much money you make. Your Realtor, mortgage company, or closing office are NOT required to complete any kind of registration. Genesis can provide you with the grant money for your down payment within 24 hours of receiving the completed paperwork. Similar down payment assistance grants and other home buyer assistance programs normally provide 3% up to 5% of the property value, however, Genesis will provide up to $22,500.00 and not just a percentage. You are not required to have any money for the down payment. It is truly a ZERO down payment and closing cost program.

There are also plenty of eligible property types: (Existing or new construction)

Single Family (1-4) Units
Condominiums
Townhouses
Manufactured/Modular Homes

Here is the contact info and website link for Genesis:

The Genesis Program
8834 N. Capital of Texas Hwy.
Suite 110
Austin, TX 78759
Phone: 512.231.0270
Fax: 512.342.9860

E-Mail: support@thegenesisprogram.org
Website: http://www.thegenesisprogram.org/

Federal Tax ID: 74-2321634

Update: Program currently unavailable! Due to a law that was imposed on October 1, 2008, AmeriDream’s Down Payment Assistance Program has been discontinued. AmeriDream is actively fighting to make down payment assistance available again. If you’d like to join the fight to reform and reinstate down payment assistance, please write or email your member of Congress.

Currently, millions of first-time home buyers, minorities and other groups face difficult challenges when it comes to buying a home. The main reason for this is a lack of savings – it’s difficult to come up with the funds needed for a down payment. If you buy a home in Bullhead, Arizona – for example, a two-story/three bedroom for $200,000.00 – to do this you would normally need anywhere from 3% to 10% for the down payment and closing costs. Well, over the past 10 years a large number of down payment assistance programs have sprung up – some good – some not so good – and AmeriDream happens to be one of the good ones.

Their assistance program provides home buyers with up to ten percent of the purchase price of a home to cover the down payment and closing costs and this gift does not have to be repaid. The program helps low and moderate income families who ARE able to qualify for a mortgage, but are unable to afford the down payment and closing costs.

In defense of these programs… The negative attention some of these down payment assistance programs receive is due to the fact that the seller, who must normally agree to participate in the program, will often times slightly raise the selling price of the home. Still, when an average American home buyer is able to get into a house without paying a down payment it means MISSION ACCOMPLISHED. In other words these programs HELP A LOT OF PEOPLE and we believe the organizations responsible for these down payment assistance programs should be recognized and applauded for their good will.

If you have less than perfect credit and therefore think you may have trouble getting approved for a mortgage, Ameridream has advisers who can show you the way to a guaranteed, FHA insured home loan. We also have articles on the subject. An insured mortgage means the government will repay all, or part of, the loan if you get into financial trouble and default on the payments. The guarantee or “insurance” from the government allows banks to be less strict about borrowers’ credit scores and perceived ability to repay the loan.

Another reason to have confidence in Ameridream is their track record. Ameridream has been around since 1999 and has helped over 200,000 individuals become home owners. According to their website they help someone get into a home every 22 minutes.

Here’s a link to the Ameridream website for more on how the programs works:

www.ameridream.org/Homebuyers

And here is the rest of their contact info:

E-mail: info@ameridream.org

Mailing address:

AmeriDream, Inc.
200 Professional Dr. Suite 400
Gaithersburg, MD 20879

Toll Free Phone Number: 1-866-263-7437 (1-866-AMERIDREAM)

Local Phone Number: 301-977-9133

Fax Number: 301-977-9713