FHA ALLOWS A BUYER TO RECEIVE GIFT FUNDS TO PAY FOR THE DOWN PAYMENT AND CLOSING COSTS!

Buyers in today's marketplace may have the ability to make a mortgage payment but lack the resources for making a down payment or be able to pay for the closing costs.  To make matters worse, because the Twin Cities metro area has been designated a declining marketplace, buyers are required under most conventional loan products to put 5% down.  Instead of helping the housing crisis, it is made worse as housing is put further and further out of reach.

Sellers are faced with a slow market and the above catalysts that make selling a home even slower.  Reducing the sales price doesn't necessarily create buyers.  Price reductions work in markets that are more price responsive. 

You might be asking "what solutions exist to buy and sell real estate?"  I have the answer.  It's called "Down Payment Assistance".  This little used secret may help connect a buyer and seller and get more homes SOLD.  FHA financing allows gifts funds from certain charitable organizations to be used by a buyer.  A buyer can apply for gift funds from these certain organizations.  Sellers can make a donation to these same charities upon the consumation of their home sale right from their net proceeds.  Depending on the size of the gift, it may be possible for a qualified borrower to have to contribute very little if any of their own funds-i.e 100% financing utilizing a gift.

A complete explanation of how these events occurs can be found at www.GetDownPayment.com  This is the Nehemiah website.  Nehemiah is just one of the programs that does this type of gifting.  We work with other organizations also. 

Many brokers are not FHA approved-WE ARE!! We can consumate a transaction with FHA mortgage financing in conjunction with down payment assistance.  Let us help you buy/sell your next home.  Call for more details.