How do you form a non profit organization to help first time homebuyers?

Question

I am a california homebuilder that wants to assist buyers with their down payment by forming a non profit organization

Answer 1

i have an LLC you may use.

Answer 2

You would need a good attorney that would help you with this- but please look at what FHA is changing in their rules.  The reason most people want to do this "non-profit" thing is to work around the FHA rules- and FHA is about to change the rules for "Non-profits".

Answer 3

Your "non-profit" status is often abused so you have to fill out papers and register with the US Government as a non-profit.  Go to irs.gov to get some pamphlets.  

THey want to see clear-cut assistance.  They like to see a check made out from one person to another.  They don't like the possibility that you could inflate the price of a house by $5,000 and then "donate" $5,000 to the buyers.  The buyer actually paid their own donation.

This will be difficult to do successfully.  The nonprofit needs to spend their money in a more clear-cut fashion than the "assistance" program you are offering.  Not impossible, tho. /