Agents, buyers, and sellers may have, in the past, utilized Down Payment Assistance Programs such as Ameridream or Nehemiah. It seems many agents do not realize these programs are currently available. I have personally closed two deals in the past two months where my buyers have utilized these programs.

How does it work? You locate a home and ask the sellers to participate in the program by making a donation to one of these non-profit organizations. The organization in turn makes down payment money available to other families in need of down payment assistance. Since FHA will not require sellers to offer the down payment money direct to buyers, this program collects donations and then offers them to buyers. Of course the home will have to appraise at the selling value, however motivated sellers are willing to net a bit less in order to get the home sold.

Unfortunately, some markets are taking a beating where the value of the property is in a steep decline and owners have no (or negative) equity, which may prevent these programs from being utilized. Other areas, however, can participate in the programs for clients who may not have any money to put down, or sellers who can afford to donate. This program can make the difference of selling a home and achieving homeownership, this situation allows many people to "win".

Nehemiah will be shut down on October 1, 2008. The Nehemiah Program website is asking for help to fight the process. If you have a potential buyer who may not have enough money as a down payment, let them know this program is currently available, perhaps you can assist the buyer in achieving home ownership. Perhaps you are a person who has utilized the program in the past and recognize the need for this sort of program, please visit the Nehemiah website and offer your name to be forwarded to Local State elected leaders. www.getdownpayment.com Click the link at the top that reads: TAKE ACTION!
Contact Your Elected Officials!