Consumer Debt Solutions grants operates a private gift trust fund, and will provide grants of up to $25,000, depending on a participant’s needs. To be eligible, a prospective homebuyer should have available assets of LESS than $15,000 and qualify for a mortgage that accepts charitable gift donations. Unique to this program is the treatment of fees normally paid by the seller. A buyer must obtain a commitment from ANY party (family member, the home seller, private corporation, any person or organization) to ‘replenish CDS’s trust fund by the amount of the grant provided by CDS; the required pledge letter is available online.
To apply, CDS first recommends that a prospective buyer register online with the program, and then obtain their credit reports in an effort to clear up problems. After securing a qualifying mortgage, the lender will work with CDS on the full gift application package. Participants must attend a free homebuyer education webcast offered by CDS. Lenders
and buyers should contact CDS to have appropriate forms faxed to them. Maximum gift is $25,000; buyer must have less than $15,000 in cash reserves. Gift amount can be repaid by ANY third party. Contact Consumer Debt Solutions, Inc., 158 Vineyard Avenue, Highland, NY 12528; 845-691-9697; www.cdsgrants.com
Income Eligibility: Must have assets of less than $15,000, although the amount could go up to $25,000 in some areas.
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