No Downpayment? Look into Community Sweat Equity Programs

If you have little or no money to put down on home, check into community programs. They can be a very valuable resource, particularly if you have nowhere else to turn. Our community has a program that helps single parents and other financially struggling people to build their own home. They use sweat equity to make the down payment. It takes almost a year of part time labor, but you get help from professionals and volunteers, automatic equity in the new house, and a loan for the rest, even though you may not qualify under ordinary circumstances.

These sweat equity programs are becoming more and more popular and are getting more funding. The Bush administration awarded $25 million in Sweat Equity grants to communities and organizations in 2003 and the funding continues to go up.

There are now an amazing number of organizations that want to help you get into a home of your own. Besides the many charitable organizations doing this, HUD (U.S. Department of Housing and Urban Development) funds many counseling agencies that can show you ways you can get into a house. Consider taking advantage of the help they offer. It may take some research, but it could be well worth your time.

For a list of popular organizations that offer homeowner grants and sweat equity programs go to http://i-can-buy.com/chapter6cont.html.

This has been an excerpt of the FREE ebook by Alex Dey called Buying a Home When You Have Bad Credit. Copyright © 2005-2006 Mohave Publishing. All rights reserved. Check out this FREE real estate ebook, found only at http://I-can-buy.com now!

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