Today I went to a Designated Nehemiah Specialist training and would like to share some of what I learned.
Nehemiah is nationwide downpayment assistance program (a gift to the buyers) and it helps buyers and sellers, it is non-profit. Nehemiah does require that the seller agree to using the program - without the seller's permission it does not work! Sellers cannot deduct the contribution, but can write off as a cost of doing business expense. Nehemiah is Sacramento, California based, but is servicing nationwide.
If FHA will insure, Nehemiah will fund it! There are no other requirements: Seller agree, FHA will insure the loan.
Nehemiah will fund up to 6% of the sales price. Nehemiah is not a second mortgage, it is a gift to the buyer. There are no replayment required. It is just like Mom and Dad giving you a gift to help you purchse a home -- only Nehemiah is better.
Nehmiah does not have income requirements. If FHA will insure, Nehemiah will fund it.
The processing fee is temporarily raised to $599.00 to cover the mitigation fees of the recent lawsuit.
Nehemiah has been helping homebuyers for 11 years and survived the HUD attacks to shut them down. Nehemiah is reliable and has a 200% satisfaction record.
Nehemiah does not cause delays in the escrow process, they ask that the lender request the funds 48 hours before closing. The lender can request the funds right from Nehemiah online. They wire every hour, so there is no room for delays
Nehemiah does not have credit requirements. You must be qualified by your lender and most commonly by FHA. ** Nehemiah works with both FHA and Conventional transactions
Nehemiah has a listing service that will agents reach more buyers -- the database is free.
Nehemiah will give you signs, riders, brochures and has a listing service to help real estate agents market their listings. This is a seller benefit too!
So check out Nehemiah, it even works with REO/bank owned purchases. Remember if FHA will insure it, Nehemiah will work for the buyer and the banks are allowing this program into the transactions more and more. Nehemiah works with Short Sales as well. But as with REOs, not every transaction is Nehemiah suited - depends on the property and the seller.
Surprising and something to remember: Nehemiah does not slow down the purchase transaction.
Want more information on Nehemiah? Check out their website:
- Need a Short Sale Specialist? CLICK
- Want to purchase a REO property? Want to know what properties I have to sell? CLICK
- Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide CLICK
- For a FREE MARKET EVALUATION of your home CLICK
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
WEBSITE: http://www.motheranddaughterrealty.com
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Rosemary- I just did a post on Nehemiah- Then saw yours. It is a great program. I became a specialist through the training in the fall. It has not really caught on here yet but I am hoping it will.
Good Luck with it.