The Genesis Program
Loan Assistance Programs Canceled in 2008
Elimination of Non Profit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available.
NEW: Down Payment Assistance Programs for 2018
The Genesis Program, also known as Grant America, is a non-profit down payment assistance program. It is operated by the Penobscot Indian Tribal Nation and technically qualifies as a government entity. Like other Native American tribal nations, the Penobscot tribal nation is HUD-approved to offer assistance, even to those living outside tribal jurisdiction. Grant America offers down payment assistance to low and middle income home buyers:
- Those with an FHA loan or are pre-approved for FHA mortgages qualify for the Grant America program.
- Grant America offers up to $34,000 in down payment assistance.
- This program is open to those with approved FHA loans buying new or resale homes.
- Program participation is not required to be included in the contract, but the seller must participate in the Grant America program.
Applying for a Grant America program is simple:
- Get pre-approved for an FHA loan or complete your FHA mortgage paperwork and get approved for a specific FHA loan amount.
- Find a home you want to buy and agree with the seller to draw up a contract.
- Tell your realtor you want to buy the home using Grant America.
- Contact your loan officer
- Your loan officer will complete a Grant America application on your behalf.
- Grant America wires funds to the bank the day of closing the deal (or the day before if you close in the morning).
Contact your loan officer if you have questions about how the program application process works. Remember, the seller must participate in the program. Your loan officer and realtor may be able to assist if the seller has questions about how to sign up.
Down payment assistance programs generally require the seller to pay a fee to participate. This fee is considered a payment for services rendered and not a tax-deductible charitable contribution.
Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.
Discontinued Down Payment Grant Programs:
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FHA Loan Articles and Mortgage News
November 24, 2018 - Applying for an FHA mortgage to purchase a new construction or existing construction home is known as a forward mortgage and there are a variety of options. FHA loans are a good choice if you need more forgiving credit standards and a lower down payment requirement.
November 22, 2018 - If your rent every month is costing you more than a mortgage would, does it make more sense to buy? You may also be tired of being unable to make changes to your living space and want the freedom of home ownership rather than the insecurity of lease expirations, increasing rent, etc.
November 20, 2018 - Do you know what to expect when you want to pull value out of your home in cash? Is there a difference between cash-out refinance loans in Texas and New York? How much money will you get in cash? These and other questions are important to answer in advance.
November 18, 2018 - If you need an FHA forward mortgage, refinance loan, or FHA rehab loan , you should definitely know how home loans work in this area. FHA mortgages require the lender to set the mortgage amount based on the lesser of the appraised value of the home or the seller’s asking price.
November 15, 2018 - FHA refinance loans are for single-family, owner-occupied residences used as a borrower’s home. Your original home loan may not be an FHA mortgage, but you can still refinance your existing non-FHA mortgage into an FHA home loan.
FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
