San Diego real estate blog - Peter Toner

Seller Funded Down Payment Assistance has been available to first time and repeat homebuyers via the Nehemiah Grant Program for some time now.      

How the program basically works is that 1%-6% of the final contract sales price is “gifted” to the buyer at closing. (If the buyer is approved for the max amount of 6% that can potentially cover the down payment amount as well as closing costs for the homebuyer.)

The “gift money” is given to the buyer by a Nehemiah approved charitable organization. The seller then “gifts” a contribution to the charitable organization after the successful close to help replenish their program’s pool of funds for future homebuyers. It is a great program that has already been taken advantage of by over a ¼ million homebuyers. It is available to anyone who is able to qualify for an FHA loan.

Another great aspect to the program is that there is no limit to income or assets and no geographical restrictions. You just have to get approved by an FHA loan and the grant program is available to you.

So what’s the catch??? Word is this grant program will become extinct this October 1^st 2008! So the time is to act now before it’s too late! For more details on the Nehemiah Grant please view the FHA website.