he American Dream of home and closing costs. Fortunately,
ownership is on the rise there is help - through down
across the United States. payment assistance programs or
According to the latest figures DAP's.
available, the US homeownership
rate reached a record 69.2 DAP's have been around for years
percent in the second quarter of yet many people, the people who
2004, up from 68.3 percent in could use them most, don't even
2003. And for the first time, know they exist. With home
the majority of minority prices and interest rates on the
Americans own their own homes. rise, there's no time like the
present to explore these programs
Owning a home provides tremendous and their benefits.
benefits for families and for the
communities in which they reside. The Nehemiah Corporation of
Homeownership provides a sense of America has helped over 170,000
security and allows families to families and provided more than
build wealth. A home is the $659 million in gift funds since
largest financial investment most 1997. They offer gift funds up
American families will ever make. to 6% of the final contract sales
Homeownership translates into a towards your down payment and/or
greater concern for neighborhoods closing costs. These grants are
and their communities as owners available to both first time and
work to maintain the value of repeat homebuyers. There are no
their greatest investment. income or asset limits, no
geographical restrictions and the
However, the most significant gift funds do not have to be
stumbling block for many low- to repaid. For more information
moderate-income families is being about this program, visit able to afford the down payment href="http://www.getdownpayment.c
om" PIC gives a down payment to those
title="http://www.getdownpayment. who demonstrate their ability to
com" responsibly pay their rent and
target="_blank">www.getdownpaymen bills each month, turning renters
t.com or call 1-877-634-3642. into buyers.
They refer applicants to a
Another national provider of a licensed mortgage lender and
DAP is Ameridream. To licensed realtor who assists in
participate in AmeriDream's finding the right home and the
Downpayment Gift Program, a right financing package. Or, the
homebuyer must contact a lender buyer can chose to work with
and qualify for a loan that someone they already know. The
allows gift funds, and the mortgage lender then requests the
homebuyer must purchase a home gift of a down payment from
from a builder or seller who has Partners In Charity in the amount
enrolled his or her home in the of 3%, 4% or 5% for the buyer.
program. Visit www. And, the gift never needs to be
ameridream.org for more repaid, ever. PIC takes the gift
information. giving one step further by also
giving a gift to a community
Partners In Charity, href="http://www.partnersincharit estate team.
y.org"
title="http://www.partnersinchari In addition to these national
ty.org" resources, there are also many
target="_blank">www.partnersincha state, city, and faith-based
rity.org, is another national sponsored programs available to
organization assisting families assist families, especially
in achieving the American dream. first-time homebuyers. Different
agencies have various programs, that help is out there. And with
requirements, and limits. If you a little help, you can achieve
don't qualify for one program, the American dream!
keep checking around. The
important thing to remember is
About the Author:
"© 2005, http://www.yourfreecreditreportnow.com
Author: James H. Dimmitt
James is editor of "To Your Credit" a FREE weekly newsletter focusing on managing your personal finances and credit. Subscribe and get a FREE copy of your credit report when you visit: http://www.yourfreecreditreportnow.com
Source: www.isnare.com
