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The Grant America Program aka G.A.P.

The Grant America Program (G.A.P.)™ is a government grant program that provides low to moderate-income homebuyers with a down payment grant to be used towards the purchase of a home.  The grant will be sent directly to the settlement agent for the benefit of the homebuyer.  The only qualification is that the homebuyer must qualify for a mortgage loan that allows gift funds (e.g., FHA loans) and the seller must be willing to enroll the home in the program.
Many Down Payment Assistance Programs that had been offered by non-profits have recently been eliminated by new   
HUD guidelines (4155.1 revised) which do allow a cash gift of down payment funds from a government entity.  G.A.P. is a Government Down Payment Assistance Program, not a "non-profit" program and is not subject to IRS Ruling 2006-27.

SECTION 3: BORROWER'S CASH INVESTMENT IN THE PROPERTY

Gift Funds.  An outright gift of the cash investment is acceptable if the donor is the borrower’s relative, the borrower's employer or labor union, a charitable organization, a governmental agency or public entity that has a program to provide homeownership assistance to low- and moderate-income families or first-time homebuyers, or a close friend with a clearly defined and documented interest in the borrower.  The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.  Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price.  No repayment of the gift may be expected or implied.  (As a rule, we are not concerned with how the donor obtains the gift funds provided they are not derived in any manner from a party to the sales transaction.  Donors may borrow gift funds from any other acceptable source provided the mortgage borrowers are not obligors to any note to secure money borrowed to give the gift.)  This rule also applies to properties of which the seller is a government agency selling foreclosed properties, such as the Veterans Administration or Rural Housing Services.  Only family members may provide equity credit as a gift on a property being sold to other family members.  These restrictions on gifts and equity credit may be waived by the jurisdictional HOC provided that the seller is contributing to or operating an acceptable affordable housing programs.

Many of our lenders provide loan programs that accommodate the Grant America Program as well as provide other government sponsored programs such as the MyCommunity Home Loan Programs that allow seller contributions up to 6% of the purchase price that can be applied toward closing costs and in some cases can even be utilized for the new borrower's cash reserve requirements!  We are correspondent lenders with banks such as Countrywide, Wells Fargo, Indymac Bank & Flagstar Bank who all offer some various versions of these incredible loan programs.  Contact us today by calling us toll free at 1-866 BANK REO (866-226-5736) to speak with one of our courteous Mortgage Consultants for a No Obligation Consultation!  And if you allow us to help you with your home loan you will also receive a 100% Rebate of your Appraisal Fees at close of escrow compliments of NationalForeclosures.com!

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