I am wondering if anyone has heard of and or used the Genesis Program. My very brief understanding is that it is a National Down Payment Assistance Program.
One of my agents asked me about it and I had not heard of it and have never used it. I would like to know if any realtors or mortgage brokers have used this program. If so, I would like to know both the positive and negative experiences.
Thank you in advance for your comments.
Hey Chris. We use it here in California. The best part is they have a very low cost for Home Builders. We have a project here that uses the foundation. He gives the new buyers 15k for down but he funds it to the foundation and they give the Borrower the same amount in Downpayment Assistance. They only charge the developer 250.00. It's great and the none FHA lenders seem fine with it.
John Severino
Cris would like to hear more about this assistence program.
when you find out more about it , share more with me on the requirements....
with tightening about "gifts " to buyers for downs will this have to go in addition to a 'real down' or?
whatever -if it can help get even some first timers into a home, that will help with move up buyers trying to sell too!
if its tied to new homes only- that'll work too, and clear some vacant lots off the inventory...
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