5% Down Payment Assistance Gifted From Bank

[Jeff Dulla]

This is a slightly loaded post but at the heart of it meant to be informative and beneficial. I know this is an investor website but this post is geared towards anyone that is willing to live in their home. 

There is a bank right now that is offering 5% down payment assistance up to $21,210. This money is a GIFT from the bank, there is no recapture period, no income restrictions, about as close as you get to free money. The catch is that the home must be within a certain census tract. There is a census tract lookup that I can post along with a database so that you can look up to see if a property qualifies. If it does, the bank will gift you the 5% (up to $21,210) towards the purchase. 

This is about as close as I have seen to free money, as long as your property is in the right census tract. And these are not just areas that you wouldn't want to buy in, many of them in Chicago, Madison, Minneapolis are in prime locations. 

Again, to add an investor twist, there is no recapture period for that gift.