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Punctual Payment Program: A Worry Free FHA Loan Reimbursement
Punctual Payment Program: A Worry Free FHA Loan Reimbursement
Here is another option to FHA Alternatives to Down Payment Assistance programs that went away.  I wrote a blog last week talking about the alternatives here
 
What is the Punctual Payment Program?

The Punctual Payment Program in a nutshell rewards home buyers in a reimbursement program for on-time payments. 
 
The program is hosted by the Rainy Day Foundation that began in May 2006. 
 
The website can be found here http://www.rainydayfoundation.org.
The fee for this program is $499.
 
How does the Punctual Payment Program work?
In a nutshell again for laymen terms.  The program is designed to help strengthen "Loan Borrowing Potential", providing a "Worry Free Loan"
FHA loans now are capped at 97% Financing, which still require 3% down payment.  If the client does not have the funds for down payment, FHA allows a gift from "Family or Friends"
Well most of the time when people ask for money from Family and Friends, they get a Big Fat "NO" or "Are you crazy" especially in this kind of market now.
Now, you can go up to your family/friends and say I will be enrolling in this re-imbursement ... more

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