Step-By-Step On How Our Program Works

1. A homebuyer will speak with a Real Estate Professional or a Mortgage Professional about purchasing a home. At that time it is usually determined if the buyer lacks the necessary funds for either the down payment or closing costs

2. If so, the buyer is then introduced to our Program by the Realtor or Lender. Together they determine the amount of the gift they will need from us. Our Gifts can be up to $30,000.

3. The Mortgage Professional will, on behalf of the buyer, apply for a mortgage approval with a Loan Program that accepts Gift Funds

4. Once the buyer finds a home they like, they will make the seller an offer with the contingency that the seller pays a service fee to the Home Downpayment Gift Foundation. Click here for sample addendum language.

5. Even if a contract on the home has been written you can still use our Program. We can help when last minute problems arise. Call us for details.

6. The service fee will usually range between 3 - 6% of the final home sale price.

7. The Funds are used by the Foundation to replenish our Gift Fund, to provide funding for other needy causes and to pay administrative expenses.

8. If the seller agrees to the terms of the offer, the buyer, with assistance from their mortgage professional, will fill out our application.

9. At the same time, the seller will receive from the real estate professional our Seller Enrollment Form and fill it out.

10. When the Buyer Application and Seller Enrollment have been completed they together are faxed to us at 202-234-7535.

11. The Foundation will in turn provide an answer to the applicant within 24 hours of receiving both the Buyer Application and the Seller Enrollment Form.

12. Prior to the home closing, we will contact the settlement agent to make arrangements for the funds to be wired.

13. We will make sure the funds are there for the settlement so that the buyer has the money they need to purchase their home.

14. Following the closing, the service fee from the seller will be wired to the Foundation by the settlement agent.