Can this be the same Nehemiah? Well let's see.
Buyers in todays market are looking for good solid financing that is close to 100% and provides help with downpayment and closing costs. Here is your Nehemiah!
Guidelines for this Nehemiah: This is a grant program that provides gift funds for downpayment and closing costs to qualified homebuyers.
The seller contributes 6% to the Nehemiah Program. The program grants up to 3% for down payment and 3% for closing costs. The cost of the program at closing is $599.00 to Nehemiah. Nehemiah does not underwrite the package. FHA 1st loan and underwriting guidelines. Propeprty must appraise, value to include 6%. Some lenders cap price if using program (wells 417K). Increasing value 6% over list price and lender will scrutinize appraisal.
Sounds like the best thing since sliced bread and subprime loans?
No comments:
Post a Comment