Minnesota Home Buyers, primarily those with moderate to low income, got a big break recently as a federal judge ruled that HUD did not adequately explained their decision to reverse a policy allowing seller-funded down-payment assistance on FHA-backed loans.What this means for home buyers nationwide is that 100% home financing is still available through a combination of the FHA and down payment assistance (DPA) companies like Nehemiah.
What is the Nehemiah Program?
Answer: The Nehemiah program is the nation's largest privately funded down-payment assistance (DPA) program, helping thousands of people achieve their dream of homeownership. The Nehemiah Program provides gift funds to qualified homebuyers who purchase participating homes using an eligible loan program. The Nehemiah program is approved to provide gift funds by the FHA (Federal Housing Agency) which allows charitable organizations to provide gift funds toward downpayment and closing costs.
Here are some of the features of the Nehemiah program:
Gift funds up to 6% of the final contract sales towards your downpayment and/or closing costs.
Gift funds for both first time and repeat homebuyers.
Gift funds for both new construction and resale homes.
No repayment of gift money.
No income or asset limits.
No geographical restrictions.
If you are a qualified homebuyer using an eligible loan program, such as an FHA loan, you may be able to move into your new home with zero cash out of pocket! The Nehemiah Program can help you become a homeowner!
For more information or to see if you qualify, call Scott Teigland at 612-919-2119 or scott@uptownfinancial.com
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