• Home buyers
• Home sellers/builders
• Real estate agents
• Lending Institutions

How does the JVS Downpayment Assistance Program work?

JVS provides gift money to home buyers, 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 program guidelines (approximately $297,500 in the metro Detroit area. FHA guidelines vary from county to county).
* Some restrictions may apply. Loan limits apply.

How does a buyer participate?

Buyers must purchase a home that is enrolled in the JVS Downpayment Assistance Program and qualify for a mortgage that allows gift funds. There are no income restrictions to qualify. Click our on-line form* to enroll in the program.

How does the program work?

Homebuyers who purchase a home from a “participating seller” receive a cash gift to assist with the down payment. The gift from the JVS Downpayment Assistance Program never has to be repaid.

Who should I contact to participate?

For more information on how to receive downpayment gift funds, contact the JVS Downpayment Assistance Program at downpayment@jvsdet.org or 248.233.4242.

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Who is a participating seller?

Any individual or builder who has enrolled a home in the program and agreed to pay the JVS Downpayment Assistance Program service fee, which is equal to 5%, 4%, 3% or 2% of the contract sales price, plus $500 or 3/4 of 1%,
whichever is less.

How does a seller/builder participate?

Sellers/builders participate in the program by completing the JVS Downpayment Assistance Program Participating Home Agreement to pay JVS the 5%, 4%, 3% or 2% service fee, plus $500 or 3/4 of 1%,
whichever is less. Click on our on-line forms to enroll a home in the program :

• Online seller form
• Online builder form

How does a seller/builder benefit?

Participating in the JVS Downpayment Assistance Program gives sellers the “zero cash moves you in” advantage. This results in more showings to pre-approved buyers, which usually means a faster sale that is generally near the full asking price.

Why does JVS charge the seller/builder a fee?

The fee allows JVS to replenish its pool of funds to assist other home buyers while also allowing JVS to provide the necessary funds to support many human services to the community.

When does the seller/builder have to pay the fee?

Sellers/builders are only obligated to pay the service fee at settlement/closing. If the home sale does not settle/close, there is no obligation to pay the service fee.

Who should I contact to participate?

For more information on how to enroll a home in the JVS Downpayment Assistance Program, contact downpayment@jvsdet.org or 248.233.4242.

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• Attract more buyers
• Boost your commissions

What is the JVS DownPayment Assistance Program?

JVS provides gift money to FHA homebuyers, allowing them to purchase a house with zero money down. The gift can be used to purchase any new or existing home provided that the purchase price does not exceed FHA guidelines (approximately $297,500 in the metro Detroit area. Other counties may be higher or lower).

How can I benefit from the program?

With downpayment assistance, 30% more buyers qualify for home ownership, increasing your pool of potential clients. You can be sure these clients have the cash needed to close on a loan, resulting in more of your sales being completed. Additionally, the downpayment program gives a new marketing tool that enables you to advertise “free gift money” and “zero cash down moves you in”.

How does the downpayment program work?

Homebuyers who purchase a home from a “participating” seller receive a cash gift to assist with the downpayment. The gift from the JVS DownPayment Assistance Program never has to be repaid and there are no income restrictions to qualify. Click here for online forms:

• Online Buyer form
• Online Seller form

Who is a “participating” seller?

An individual/builder who has enrolled a home in the program and agreed to pay a service fee to the JVS DownPayment Assistance Program that is equal to 5%, 4%, 3% or 2% of the the contract sales price, plus $500 or 3/4 of 1%, whichever is less.

Why would a seller agree to participate?

Participating in the DownPayment Assistance Program gives sellers the “zero cash moves you in” advantage. This results in more showings to pre-qualified buyers, which usually ends in a faster sale that is generally at or near the full asking price.

For more information on the JVS Downpayment Assistance Program, contact downpayment@jvsdet.org or 248.233.4242.

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• boost your mortgage sales
• increase your number of loans

The JVS Downpayment Program can increase your lending activities by:

• Qualifying more individuals for home loans – With our assistance, people lacking the necessary funds for a downpayment can now qualify for a mortgage.
• Converting more qualified borrowers into homeowners – Many people who already qualify for FHA loans do not have the downpayment needed to close on a house.
• Reaching a new target market – You can expand your customer base and reach more potential homebuyers.

Click our online form to begin using the JVS Downpayment Assistance Program.

How the program works:

• Your lending institution approves a buyer for a FHA loan and informs him or her of the downpayment assistance program. Click here for an online buyer form. (Link to gift letter and gift request forms)
• Homebuyers who purchase a home from a “participating” seller receive a gift equal to 5, 4, 3 or 2% of the contract sales price to assist with the downpayment. Click here for on-line forms:
  Online seller form
  Online title company forms -- Part 1 and Part 2
• The gift from the JVS DownPayment Assistance Program never has to be repaid and there are no income restrictions to qualify.
• The gift can be used to purchase a new or pre-owned home and is available to individuals who have previously purchased a house.
• ß In the Tri-County area (Oakland, Wayne or Macomb), FHA guidelines allow a buyer to purchase a home up to $297,500. Other counties may be higher or lower. Please consult your mortgage specialist.
• The affordable housing program is operated by JVS, a 501(c)(3) organization, which meets the HUD Handbook 4155.1 guidelines regarding allowable sources for gift money.

For more information on the JVS Downpayment Assistance Program, contact downpayment@jvsdet.org or 248.233.4242.

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JVS is an Equal Opportunity Employer and Service Provider.
Counseling Services approved by the International Association of
Counseling Services, Inc. Rehabilitation Services accredited by CARF
(Commission on Accreditation of Rehabilitation Facilities).
Recipient: Federation’s Annual Campaign ~ United Way Torch Drive ~
Also funded by the City of Detroit Employment & Training
Department through MDCD