About Grant Program

Statewide Home Grants firmly believes that an informed buyer is a loyal buyer and a great source of many referrals. The following information is to help you, the home buyer, better understand how the down payment grant works, and why a seller would be motivated to qualify their home for the program. The mortgage loan that our program is affiliated with is an FHA government home loan. The minimum down payment required by FHA is 3%. As stated in the FHA underwriting guidelines...a home buyer's down payment can come from cash savings, retirement accounts, a not-for-profit organization such as a church, or a nationally approved and recognized non-profit organization such as the one that Statewide Home Grants works closely with.

The non-profit organization that Statewide Home Grants works with provides your 3% down payment in the form of a gift and comes from an existing pool of funds set aside for this program. The sellers have agreed, when accepting your offer to purchase their home, to make a charitable donation from the proceeds of their home to assist future home buyers such as yourself.

Why would the seller want to do this? There are two motivations behind a seller agreeing to qualify their home for this program. One, by qualifying their home they open their house to a much larger market of home buyers. Second, they are able to write off a portion of their contribution as a charitable donation or a cost to sell the home. (Statewide Home Grants recommends each seller consult their accountant to inquire about what is best for their situation and tax bracket. Statewide Home Grants is not an attorney or tax accounting firm, and therefore gives no legal or tax advice).

Any home that is listed for sale on the market can qualify for the grant program. The following are exceptions; any single wide manufactured home or manufactured home built prior to 1974. Also if you plan on purchasing a manufactured home it can not have been or be moved from it’s original tax parcel. Statewide Home Grants highly recommends that you use a preferred Real Estate Agent to make your home purchase enjoyable and properly represented. Please contact the staff at Statewide Home Grants to be referred to a qualified agent in your area.

One of the most exciting features of this program is that you will move into your new home with instant equity. You have chosen the best program available to enable you to buy a home without having to save up for a down payment or for your mortgage loan closing costs. Also, you will be able to take advantage of interest rates that are slightly higher than today’s great low conventional rates. Please ask us what the current interest rates are for today.

The staff at Statewide Home Grants is excited that you have made the choice to become a home owner, and takes pride in assisting you every step of the way. Again, our mission is to make the home buying process simple, enjoyable and convenient. We look forward to helping you establish a secure investment for you and your family.