What determines the maximum gift amount for Newsongs Down Payment Assistance?
Besides our limit of $50,000, the key ingredients are the loan amount a buyer will qualify for, home value, and seller particpation. Instead of a seller reducing the price, making improvements, paying concessions, or waiting to sell a home, full market value could be used for a buyer’s down payment and closing costs while the seller receives the desired sale price. If a buyer is trying to obtain a larger grant, he may need to find a distressed home in order to give the seller sufficient room to pay the donation fee.
