No Down Payment?

Nehemiah program offers solution

One problem many buyers face is that they can afford a monthly mortgage payment, but they haven't saved the funds for the down payment.

Sure, there are programs & grants out there for low-income and rehab buyers, but those require specific urban locations or income limits.

What if you are the average buyer, with a decent income, but you tend to enjoy using your income, rather than saving it? And now, especially after tax time, renters are typically disgusted with all of the money they've "thrown away" over the past year to rent and start thinking about buying.

Enter the Nehemiah program.

Homebuyers using an eligible loan program, such as FHA or another loan program allowing contributions from a charitable organization, can receive a "gift" downpayment and closing costs, up to 6% of the purchase price.

The program works by seller contributions to the Nehemiah fund. Technically, Nehemiah gifts the funds to the buyer at closing and the seller takes a deduction from the sale price to "donate" to Nehemiah, replinishing the funds for the next buyer.

There are no income, asset, or geographical restrictions and the program is not restricted to only first-time homebuyers. Nehemiah does require that the homebuyer who receives the downpayment assistance occupies the property.

The sales price can be raised to accomadate the cost to the seller, however, the property still needs to appraise at market value.

It's yet another option for buyers who would like to take advantage of this Buyer's Market, but think they don't have the resources!

http://www.getdownpayment.com/