You can now get a FHA Loan with no money down! It's called the Preferred Program Downpayment Assistance Program. I just got a buyer approved for this! On this type of loan, the seller gifts a 3% down payment normally required by the FHA to a third party who then redirects that money to the closing agent. The third party we used is called the Genesis Fund. It is important to note that the seller can not directly gift the funds to the buyer and must use an "approved" third party. In addition to this gift, the seller can then agree to pay up to 3% of the sale price for the buyers closing costs. The third party charges the seller a small amount (i.e. $300) for processing.
When the method is properly used, it allows the buyer to purchase a home with virtually no money down and enables the seller to sell with a slight reduction to asking price of approximately 6%. Make no mistake about it, it is a great way to buy and a great tool to sell!If you are thinking of buying and want more info on this great program please email me Ronald@kw.com or visit my site www.JustListedNH.com
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