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Replies (10)
- Scott Rosenthal, "scottr"
- Contributions:4
This is a great program use irt all the time now.
Scott rosenthal
Scott rosenthal
- RealtyInnovations
- Contributions:1
WOW !
- Jamie Curtis, "jamiecurtis"
- Contributions:104
What is this program???
- KAY ORGAIN, "ASSURED MORTGAGE INC"
- Contributions:21
I have asked my lenders and they don't have a clue about this program. Could you tell me program you are using?
- diamondlady1025
- Contributions:2
Can you please email me at diamondlady1025@diamondlady.net and let me know what mortgage brokers in the san diego or even the CA area are actually doing this program because we are trying to buy a house and are having a hard time qualifying.
Thank you so much,
Patti
Thank you so much,
Patti
- Suburban Renewal
- Contributions:10
There are plenty of programs out there.
It's a grant program using a not for profit organization.
I am certified in CA for two different ones.
Here's the one I like better: http://www.marpafunds.org/
Although I am in CA, they do all 50 States.
It's a grant program using a not for profit organization.
I am certified in CA for two different ones.
Here's the one I like better: http://www.marpafunds.org/
Although I am in CA, they do all 50 States.
- RealtorAngel
- Contributions:32
Search google or yahoo for FHA Gift Fund or Gift program.Here's the problem.The house must appraise with the extra 9% tacked on the asking price.
Here's a few links
http://www.2rhouse.org/underwriter/?page_id=46
http://www.usdaloanapproval.com/Giftfunds.html
http://www.washingtonpost.com/wp-dyn/content/article/2006/06/01/AR2006060101969.html
The Borrower still must make enough to support the mortagage payment.Which isn't always the case for anone needing 9% on top.
Credit score doesn't matter as much.And there are maximum limits.
It's a tough loan.Have to really find the right house and the right seller.Any home that is underpriced enough to support 9% is going to be bought cash or an A buyer.
It can be done.I'd rather chase a different buyer.
Here's a few links
http://www.2rhouse.org/underwriter/?page_id=46
http://www.usdaloanapproval.com/Giftfunds.html
http://www.washingtonpost.com/wp-dyn/content/article/2006/06/01/AR2006060101969.html
The Borrower still must make enough to support the mortagage payment.Which isn't always the case for anone needing 9% on top.
Credit score doesn't matter as much.And there are maximum limits.
It's a tough loan.Have to really find the right house and the right seller.Any home that is underpriced enough to support 9% is going to be bought cash or an A buyer.
It can be done.I'd rather chase a different buyer.
- MelissWa
- Contributions:149
There are FNMA/Freddie Mac programs that will provide 106% financing - as long as your borrower's qualify - not FHA (FHA requires 3% down - which can be gifted by family or Non-profit organization).
On top of that seller's can contribute 3% in closing costs.
Feel free to call me direct for more info - I'm happy to help.
On top of that seller's can contribute 3% in closing costs.
Feel free to call me direct for more info - I'm happy to help.
- Paul Pope, "sparky56"
- Contributions:67
No appraisals are coming in over purchase price value in this market. This is a waste of time chasing. I agree with Rianna77, go find another buyer who will qualify!
109% available
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- 0.0/5.0
- (no reviews)
Contributions:30That would be 3% for seller contibution to down payment assistance program and 6% left for closing cost and prepaids which should leave some money on the table to buy down your rate on a 30 year fixed.
This program requires no credit score, non-resident alien Ok, Non-Owner occupant can be used to qualify (Kiddie Condo- occupant doesnt even have to work) offering great rates on 30 year fixed loans.
Of course the realtors should be in the loop on these options as well since it is important to know the guidelines of writing up that initial offer with this info in it.
Bill Black
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