Neighborhood Gold Down Payment Assistance

The Neighborhood Gold Down Payment Assistance program allows homebuyers to purchase a home with no downpayment and no closing costs by providing the money necessary to purchase without repayment!

This program is not limited to first time homebuyers. The Neighborhood Gold program may be used by any homebuyer that qualifies for a FHA loan.

You may receive from 3% up to 10% towards your down payment and closing costs dependant on the amount of participation of the seller.

An added benefit of the Neighborhood Gold Down Payment assistance program is that for the first year you will receive free Involuntary Unemployment Mortgage Program providing coverage in the event they lose their job as a result of strike, lockout, individual or mass layoffs, or loss of income due to business failure or bankruptcy. This insurance will make you monthly payment of up to $1,500 for up to 12 months.

The program is a 501 (c) (3) nonprofit program, which issues cash grants to homebuyers at the closing of their loan. The only requirement of the program is the participation of the seller and the homebuyer to qualify for a  FHA loan.

In order to use the Neighborhood Gold Down Payment Assistance Program, you must be prepared prior to making an offer on a property. Since the program requires the participation of the seller, it must be negotiated before finalizing your purchase offer.

There is 1% fee (not to exceed $1,000) for the use of this program. This fee maybe paid by the seller of deducted from the cash grant and again, must be negotiated in the initial transaction.

Next, learn about the most important part of purchase a home. FHA Loan Qualifying