Do You Want to Buy a Home but You Don't Have the Down payment?
Are you tired of renting? Do you want to own your own home but have not saved up the traditional down payment? There are programs available to buyers today that will help you buy a home!
Today we will spotlight the Nehemiah Program and how it can help you with your down payment.
The Nehemiah Program is the largest privately funded down payment assistance program. The program provides gift funds to qualified homebuyers who purchase homes using FHA financing or conventional loans that allow gift funds.
The funds provided to homebuyers are an actual gift with no repayment required. There is no 2nd. mortgage. There are no income limitations and no location restrictions. There is a processing fee that is charged and it can be paid by the buyer, the seller or the lender.
The funds are requested on behalf of the homebuyer by the mortgage originator. The request can even be completed online.
The homebuyer can receive a gift of between 1% and 6% of the purchase price of the home. The gift can also be a flat amount. The seller or homebuilder is the one that is providing the funds for the gift. The money is given to the Nehemiah Program and the homebuyer is gifted the money from the Nehemiah Program. The gift funds can be used to cover closing costs and or your down payment!
Buyers win because they can now afford to buy a home if they have the income to qualify but do not have the necessary funds for a down payment or closing costs. Sellers win because they can now sell their house.
To be successful with using the Nehemiah Loan Program buyers need a strong team working with them. Make sure your real estate agent and your lender are up to date and knowledgeable with the requirements and process of using a Nehemiah gift.
If you are tired of renting and want to buy your own home. Now could be the best time for you to take action. Call us today for more information.
Contact Scott Cowan, Rainier Real Estate. Licensed real estate salesperson in Washington at 253-219-1194 to list your property for sale or purchase a home in Tacoma, Gig Harbor, Puyallup, and the rest of Pierce County Washington. Gladly accepting referrals.
Copyright © 2008 By Scott Cowan, All Rights Reserved. "Do You Want to Buy a Home but You Don't Have the Down payment?"
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Disclaimer: Information provided within this post and blog is supplied by several sources and is subject to change without notice. All information is provided without warranties of any kind, either expressed or implied. Entries on this blog are the opinions and ideas of the author and are not necessary those of Rainier Real Estate, Inc.