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do i qualify for any down payment grants?

my girlfriend is buying a house. she is a first time buyer. 680 credit score. annual income 50K. pre qualified up to 150K. heres the question. we are going to have a house built on a builders site. the builder wants a down payment of 6K to start the build. if i give my girlfriend the 6K as a gift, and she uses it for a down payment can she still qualify for the down payment grants they are offering? (that way we could just cash out at closing and id get my money back.
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October 24 2010 - Kansas City
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Answers (6)

Many states still have 100% financing with good credit scores so a
grant for down payment may not be necessary. Call your state agency or a local lender who is certified with the state agency.  
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November 03 2010
Great answer Tracy,
  I can confirm that with down payment assistance, there is no cash to the buyer at closing.  The funds are used for just that, the down payment, so you can't loan her the money and call it a gift and get it back from another source. Sorry :(
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November 03 2010
I recommend contacting your local HUD sponsored housing counseling agency for referral to lenders who are certified to originate the down payment assist programs in your area.  Some of the programs are quite intricate and they really require experience working with the various non profits and communities.  Also, always recommend you have representation of your own buyers agent when buying a builder product.  Lastly, if it comes together, do not skip having a independent home inspection.  Best of luck!
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November 03 2010
Highly recommend using a lender you have chosen and have a good relationship with, not the builder's lender of choice.  Make sure the lender is local and well established.
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November 03 2010
You should be checking with a qualified MHDC or local lender that has down payment program information that will answer your questions; there are a lot of grants and other programs available to you that will not be available if you put down that amount of money in the form of a gift.. there are so many different programs and rules... depending on what builder funds are being used... and such...  I would check it out before making such gifts up front.. unless specifically disclosed to all parties in advance... the builder should make an exception if they are familiar with such programs. 
good luck !
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October 25 2010
There are first time homebuyer grants she may qualify for, but on a purchase you're not allowed to receive cash back. The grant would go toward the loans downpayment and closing cost. Hope this helps...
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October 25 2010
 
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