Agent in the Creek

Ever since the mortgage meltdown last fall, it’s been harder and harder to qualify for a loan to buy a house. Even worse, the days of 100% financing and second mortgages are gone. I don’t know too many people who have enough cash lying around they could afford to put 10-20% down on a house, even if they could get approved for a mortgage. Prices have come down a little, but not that much.

This is where The Nehemiah Program comes in. The Federal Housing Administration (FHA) allows home sellers to provide your downpayment for you in the form of a gift – if it is funneled through the Nehemiah Program. How does it work? Before you and your agent go shopping for a house, sit down with a lender to determine your price range. Ask your lender how much you can expect to pay in closing costs and how much will be required for your downpayment. These two items together will often be 6% of the purchase price of your house.

If you don’t have enough money to cover the closing costs and downpayment, ask your lender if the Nehemiah program is right for you (does this sound like a Lunesta commercial? I promise there are no side effects!). There is some additional paperwork involved when you make your offer on a house, but your real estate agent will help you navigate through all of that.

Some loan assistance programs have income or geographical requirements, but not this one – which is why it’s such a great opportunity for people who dream of home ownership in this market and economy. Visit The Nehemiah Program Web site or call me at 843.574.3193 for more information on this and other down payment assistance programs.

P.S. If you’re trying to sell your home, this program is a great way to market it. Call me to find out how this program can bring more buyers to your doorstep.

VERY IMPORTANT: PLEASE SEE 7/22/08: Congress to Ban Downpayment Assistance