Cohen Financial Group
Receive up to 10% towards the Down payment for your Dream Home
Down-payment assistance programs
If you are struggling to save enough to make a down payment on a
home, there are programs available to help.
So you’ve found your dream home but are having trouble finding the
money for a down payment. Consider using a down-payment
assistance program to help turn your dream into a reality.
What’s a down payment?
A down payment is the amount of money a home buyer must come up with out of his or her own
pocket before qualifying for a mortgage. It represents a fraction of the total cost of a home.
In the past, down payments were generally 20 percent of a home’s purchase price. But, in line
with the trend to make home buying accessible to more people, that number has shrunk. Today,
a down payment can be as low as three percent of the purchase price.
What are down-payment assistance programs?
Down-payment assistance programs enlist the participation of nonprofit organizations in a bid to
help low-income families cover the costs of a down payment (along with, in some cases, closing
costs and other upfront cash requirements). Today, nearly one in five borrowers whose
mortgages are insured by the Federal Housing Administration (the largest insurer of mortgages
in the U.S.) make use of down-payment assistance programs.
The most prominent of the nonprofit organizations that facilitate these transactions are
The Nehemiah Program, AmeriDream Inc. and Partners In Charity. Cohen Financial
Group will coordinate the approval with the above mention Non-Profit organizations.
Up to 10% towards down payment. In many cased, you are not required to pay back the
"Gift".
How do they work?
In simple terms, a down-payment assistance program involves having a home seller provide a
home buyer with cash for a down payment. By taking part in this program, a seller can potentially
attract a larger number of home buyers to his or her property. But it’s a bit more complicated
than that. Because a federal housing regulation prohibits a seller from directly giving a buyer
down-payment money, a third party must be involved. These are the administrators of down-
payment assistance programs.
They oversee the transfer of money from the seller to the non-profit organization. In turn, the
organization gives the home buyer a similar amount for the down payment on the home (the
nonprofit takes a piece of the deal through a percentage of the transaction -- typically one
percent -- or a flat fee). The gift is treated as a down payment. The buyer has no part in the
transfer of funds, and he or she is not required to pay it back.
Down payments covered by these programs generally fall in the range of three percent to six
percent of the home’s selling cost.
If you are struggling to save enough to make a down payment on a
home, there are programs available to help.
So you’ve found your dream home but are having trouble finding the
money for a down payment. Consider using a down-payment
assistance program to help turn your dream into a reality.
What’s a down payment?
A down payment is the amount of money a home buyer must come up with out of his or her own
pocket before qualifying for a mortgage. It represents a fraction of the total cost of a home.
In the past, down payments were generally 20 percent of a home’s purchase price. But, in line
with the trend to make home buying accessible to more people, that number has shrunk. Today,
a down payment can be as low as three percent of the purchase price.
What are down-payment assistance programs?
Down-payment assistance programs enlist the participation of nonprofit organizations in a bid to
help low-income families cover the costs of a down payment (along with, in some cases, closing
costs and other upfront cash requirements). Today, nearly one in five borrowers whose
mortgages are insured by the Federal Housing Administration (the largest insurer of mortgages
in the U.S.) make use of down-payment assistance programs.
The most prominent of the nonprofit organizations that facilitate these transactions are
The Nehemiah Program, AmeriDream Inc. and Partners In Charity. Cohen Financial
Group will coordinate the approval with the above mention Non-Profit organizations.
Up to 10% towards down payment. In many cased, you are not required to pay back the
"Gift".
How do they work?
In simple terms, a down-payment assistance program involves having a home seller provide a
home buyer with cash for a down payment. By taking part in this program, a seller can potentially
attract a larger number of home buyers to his or her property. But it’s a bit more complicated
than that. Because a federal housing regulation prohibits a seller from directly giving a buyer
down-payment money, a third party must be involved. These are the administrators of down-
payment assistance programs.
They oversee the transfer of money from the seller to the non-profit organization. In turn, the
organization gives the home buyer a similar amount for the down payment on the home (the
nonprofit takes a piece of the deal through a percentage of the transaction -- typically one
percent -- or a flat fee). The gift is treated as a down payment. The buyer has no part in the
transfer of funds, and he or she is not required to pay it back.
Down payments covered by these programs generally fall in the range of three percent to six
percent of the home’s selling cost.
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Option B:
If we are unable to qualify you for the FREE Down payment program, We will work with the
following Lender:
The Purchase Pros Program:
Cohen Financial Group and Partner Purchase Pros has made available a program to help any home buyer get the
home they want with a down payment they can afford. Whether a buyer has 10%, 5%, or nothing at all, Purchase
Pros can help. Under our program, we will fund the money for all or part of the down payment or closing costs to the
buyer. When the closing takes place, the seller, under the terms of the seller's contract, will pay Purchase Pros a
consulting fee equal to the funds given to the buyer plus 10%, plus a $300 processing fee. After the closing takes
place, Purchase Pros will forgive the amount of the funds given to the buyer, and provide the buyer with a form 1099
reflecting the amount of such cancellation of indebtedness income. Should a closing not take place, the buyer will
return the funds, and the seller will have no further obligation to Purchase Pros. To insure that all parties to the
transaction are informed, Purchase Pros requires that an addendum to the real estate purchase contract stating our
involvement in the process be executed by the buyers and the sellers. This addendum must be disclosed in
accordance with real estate contract disclosure laws.
So who qualifies for this program?
Any borrower who has been approved for a mortgage with a lender that does not require seasoned funds.
How do I know if the program will work for me?
You need to have a seller who is willing to participate in the program, and is willing to part with some of the equity in
the home in order to expedite the sale - in other words, the house must be legitimately appraised for more than what
the seller is walking away with. You need to have an approval with a lender that does not require the seasoning of
funds. If the loan meets these guidelines, proceed to our mortgage calculator to run your scenario and see if the deal
works.
If we are unable to qualify you for the FREE Down payment program, We will work with the
following Lender:
The Purchase Pros Program:
Cohen Financial Group and Partner Purchase Pros has made available a program to help any home buyer get the
home they want with a down payment they can afford. Whether a buyer has 10%, 5%, or nothing at all, Purchase
Pros can help. Under our program, we will fund the money for all or part of the down payment or closing costs to the
buyer. When the closing takes place, the seller, under the terms of the seller's contract, will pay Purchase Pros a
consulting fee equal to the funds given to the buyer plus 10%, plus a $300 processing fee. After the closing takes
place, Purchase Pros will forgive the amount of the funds given to the buyer, and provide the buyer with a form 1099
reflecting the amount of such cancellation of indebtedness income. Should a closing not take place, the buyer will
return the funds, and the seller will have no further obligation to Purchase Pros. To insure that all parties to the
transaction are informed, Purchase Pros requires that an addendum to the real estate purchase contract stating our
involvement in the process be executed by the buyers and the sellers. This addendum must be disclosed in
accordance with real estate contract disclosure laws.
So who qualifies for this program?
Any borrower who has been approved for a mortgage with a lender that does not require seasoned funds.
How do I know if the program will work for me?
You need to have a seller who is willing to participate in the program, and is willing to part with some of the equity in
the home in order to expedite the sale - in other words, the house must be legitimately appraised for more than what
the seller is walking away with. You need to have an approval with a lender that does not require the seasoning of
funds. If the loan meets these guidelines, proceed to our mortgage calculator to run your scenario and see if the deal
works.
Jumbo and
Super Jumbo
Home Financing
Mortgage Lending
from $418K to $10
Mill+ for Primary
Residence, Second
Homes and
Investment Properties
apply online
Call for Your Free
Consultation!
1-888-803-7334
Luxury Homes
Unlimited Cash Out
Available
Stated Income & No
Doc
1% Option Arms
Available
Interest Only Loans
Pledged Asset
Financing
Construction
Financing
Super Jumbo
Home Financing
Mortgage Lending
from $418K to $10
Mill+ for Primary
Residence, Second
Homes and
Investment Properties
apply online
Call for Your Free
Consultation!
1-888-803-7334
Luxury Homes
Unlimited Cash Out
Available
Stated Income & No
Doc
1% Option Arms
Available
Interest Only Loans
Pledged Asset
Financing
Construction
Financing
