Thursday, June 12, 2008

Oh Nehemiah, what verse were you?

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?

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