Programs To Help You Fund Your American Dream
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Programs to Help You Fund Your American Dream
Summary
Owning a home offers significant advantages, both for families and their communities. It instills a sense of security and provides an opportunity for families to build wealth. A home is often the largest financial investment many Americans will make, fostering a vested interest in maintaining neighborhood value.
Program Overview
The American Dream of homeownership is gaining momentum across the United States. As of 2004, the national homeownership rate reached a record 69.2%, increasing from 68.3% in 2003. Notably, a majority of minority Americans now own homes for the first time.
Benefits of Homeownership
Homeownership benefits not only the family but also the community. It offers security and wealth-building opportunities, making it a crucial investment for most American families. This investment leads to greater community involvement and care for neighborhood well-being.
Overcoming Financial Barriers
For many low- to moderate-income families, affording the down payment and closing costs is a major hurdle. Thankfully, Down Payment Assistance Programs (DAPs) are available to help.
Down Payment Assistance Programs
Many people remain unaware of DAPs, despite their existence for years. Given rising home prices and interest rates, exploring these programs is timely and beneficial.
- Nehemiah Corporation of America: Since 1997, Nehemiah has assisted over 170,000 families with more than $659 million in gift funds. They offer up to 6% of the final contract sale price to cover down payment or closing costs. These grants are available to both first-time and repeat homebuyers, without income or asset limits, geographical restrictions, or repayment requirements. For more details, visit [getdownpayment.com](http://www.getdownpayment.com) or call 1-877-634-3642.
- AmeriDream: To join the AmeriDream Downpayment Gift Program, homebuyers must work with a lender that allows gift funds and purchase from an enrolled builder or seller. More information can be found at [ameridream.org](http://www.ameridream.org).
- Partners In Charity: This national organization aids families in achieving homeownership by offering down payment assistance to those demonstrating financial responsibility. They collaborate with a licensed mortgage lender and realtor to help find suitable homes and financing. Partners In Charity can provide a gift of 3%, 4%, or 5% for the buyer, which never needs to be repaid. Additionally, they donate to a community charity chosen by the real estate team. Visit [partnersincharity.org](http://www.partnersincharity.org) for more information.
Additional Support
In addition to national programs, numerous state, city, and faith-based organizations offer assistance, particularly to first-time homebuyers. These programs vary in requirements and limits, so if one doesn't fit, keep exploring. Remember, help is available, and with it, you can achieve the American Dream!
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