on FrontDoor
- Should I Refinance?Interest rates have crept up, but refinancing may make sense for you.
- Mortgage CalculatorPurchase price, interest rate, taxes and PMI determine your monthly payment.
- Rent Vs. BuyFind out if owning a home will save you money.
Search Homes, Info & Advice
article.aspx
Get the Lowdown on Uncle Sam's Programs
Take advantage of the many federal home-buying programs out there
By Liz Gray, FrontDoor.com | Published: 11/01/2007
American Dream Downpayment Initiative
Many down payment gift associations simply involve complicated transactions between the buyer and seller (see "How Down Payment Gifts Work").
The American Dream Downpayment Initiative (ADDI), signed into law in 2003 as a HUD program, grants up to $200 million each year to help first-time homebuyers pay their down payment and closing costs. The ADDI will donate up to 6 percent or $10,000, whichever is greater. How do you get your hands on the cash? The money is sent to states and counties, who distribute the money. Find your representative on the HUD Web site.
Other Home-Buying Programs
State and local housing agencies and nonprofit organizations also offer programs for homebuyers. Find out about HUD-approved programs in your state at http://www.hud.gov/buying/localbuying.cfm. Happy house hunting!
<< Fannie Mae and Freddie Mac I HUD and FHA >>
GO TO: Part 1: Evaluate Your Life and Finances
GO TO: Part 2: Shop for a Loan
GO TO: Part 3: Find a House
GO TO: Part 4: Close the Deal
GO TO: First-Time Homebuyer's Guide
More on FrontDoor:
Comments
report inappropriate comments
Facebook
Update Your Status
Your status has been updated
There has been a problem updating your status
-
-