Down Payment Grants
Partners in Charity (PIC):
l Provides 2 to 10 percent down payment.
l No cash investment required of the buyer.
l No extra qualifying after mortgage lender approval.
l Participants are asked to refer someone else who needs help with a house down payment to PIC.
The Genesis Program
l Homebuyers are not obligated to provide any of their own money.
l Sellers are required to put up a contribution equal to the gift amount provided by Genesis to the home buyer (1 percent of the contract sales price or $750 whichever is less).
l Buyers are automatically qualified for a gift from Genesis if they purchase a Participating Home (a home in which the seller has entered into a participating home agreement with Genesis Housing Development Corp. The Participating Home Agreement outlines the contribution the seller makes to Genesis and its use.) and obtain financing through an eligible loan program (any single-family mortgage loan that allows charitable organizations to provide gift funds to a buyer for use toward their down payment and/or closing costs.)