Function

• The contests were designed to help those who have gone through extenuating circumstances on their way to owning a home. The prize was the down payment to a home, usually a set amount of cash given to the lender.
  
  

Benefits

• These contests were designed only for those who were buying their first home. This cuts the competition down. The most appealing competitions had no entry fees, like the Black Enterprise Magazine Homeownership Contest. The winner was the person who told the most compelling story and followed all of the contest rules.
  
  

Rules

• Many organizations have simple rules. The person must be 18, 21, or older, reside in a certain area and meet the deadline with an essay of a specific word count. Black Enterprise requires that the home buyer also provide a budget and answer several probing questions about his intended home. Winners must produce contracts with both the seller and lender, along with a credit report and tax return. They must also promise to live in the home for s certain amount of time.
  
  

Types

• Foundation-run competitions tend to reward people for struggles overcome in getting a home. Black Enterprise Magazine and others like it look for a story that will draw in readers.
  
  

Misconceptions

• First-time home buyer's essay contests for a down payment are not prevalent. Finding a current program is like searching for a needle in a haystack of first-time home buyer information. The most prevalent home buying essay contests are those that ask for a $100 of more entry fee in exchange for a chance to win a specific home.