Nehemiah Foundation Sellers Program
Written by Sean La Rue | Franklin Loan Center | Loan Officer | www.MortgageDitty.com
Phone: 760-835-5663 | Email: slarue@franklinlc.com | April 20, 2008
Q. I know it’s a great time to buy a house to take advantage of the market, but I don’t have a down payment. My lender says I a need 3-5% down payment. How can I buy?
A. You can use an FHA loan to receive down payment assistance from several non-profit organizations. Specifically, the one I like to use is called Nehemiah. For more information see www.getdownpayment.com. Your real estate agent will negotiate that the seller contributes to this program. Nehemiah, combined with FHA, allow you to buy a home with no money down.
Q. My loan officer told me that I need to have 3 months of Principal, Interest, Tax and Insurance (PITI) reserve in my bank. Do I have to have this money in the bank?
A. Some conventional loan programs require this but if you are financing through FHA and are buying a single-family residence or duplex there is no reserve requirement.
Q. I’ve heard about the sub-prime credit programs are easy financing right now, but do I need a perfect credit report to qualify?
A. FHA financing is not a sub-prime cure-all. Although you don’t have to have perfect credit, FHA allows down to a 581 FICO. I can help you fix your credit. Call me to schedule an appointment.
Q. How much are the closing costs?
A. Closing costs can include points and title and escrow, prepaid interest, etc. Call for a free good faith estimate. Sales Price determines closing costs. Closing costs could also be determined by your choice to escrow taxes and insurance. Ask for Sean La Rue YOUR Loan Professional at 760-835-5663.
Q. I’m buying an investment home or Second Home. Do I qualify for FHA financing?
A. FHA financing is only for primary residence buyers. Call for up to date loan requirements.
Q. I want to write an offer. What is the best way to write up the purchase agreement? What documentation do I need?
A. Go to www.MortgageDitty.com and look for Nehemiah Program Sellers Form.
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