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
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!
Go to "First Time Homebuyer's Guide"
Go to "Home Finance Guide".