JVS Down Payment Assistance Program is a Detroit-based program providing gift money to homebuyers for the down-payment on their dream home. JVS provides gift money to homebuyers, allowing them to purchase a home with essentially no ?out of pocket costs. The gift can be used to purchase any new or existing home provided that the purchase price does not exceed set limits determined by location. Gifts are determined by need and by the seller’s agreed upon contribution, but are generally less than 5% of a home’s price. Sellers must register their homes and agree to pay a fee to JVS based on the gift amount plus a service charge; seller’s can choose to pay between 2.75% and 5.75% of a home’s purchase price. Participating home agreements for sellers and builders are available online. Forms to be completed by lenders for the homebuyer and for the involved title company can also be accessed and printed from the JVS website. Gifts vary by need, zero down transactions allowed. Seller maximum contribution is 5.75% of purchase price. Contact JVS / Down Payment Assistance Program; 248-233-4242; www.jvsdownpayment.org
Income Eligibility: None
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