Just look back to what we did before all the charity and gift programs. FHA with a parent gift of 3% with the seller paying the closing costs, VA for those who earned this benefit, buyers can tap into retirement funds, buyers can take a personal loan in advance of a home purchase, refinance a car or truck, sell something they own of value, have their parents use the family home as the downpayment through a bank...the list can go on and on depending on how creative you want to be. Buyers have lots of options and they need our help more now than ever before.
In my area there are FTB programs from the city and others from the county. Unfortunately I have heard that the FTB program out here is dropping from its 100% to 95% LTV. I think the only other option will be sellers carry 5-10%.
Wow, you guys are great! Thank you all for your input. You've all made me think of things I hadn't before, and I really appreciate it. I guess there must be a lot of help out there with local government, if you just know where to look.
Michelle, I have not heard of Rural Dev, but would definately be interested in learning.
Sam, thanks for reminding me of the basics. I've only been licensed 5 years, and some of the stuff you mentioned I have never seen commonly used, but creativity it what I'm after, so thanks!
Tim,
Yes, I heard. Thanks for pointing it out though, because I think it bears repeating.
Save Ameridream program
If you haven't done so, go to this website, http://www.rallyforhomeownership.org/
It only takes 30 seconds. This form will go to your local Congressmen and Senators.
CONGRESS MEETS ABOUT THIS TODAY!
HUD should modify to lessen the risk BUT don't get rid of it. This is one of the last programs out there right now that can get buyers into a home with no money. (They still have to credit and income qualify)
http://activerain.com/blogsview/605114/Down-Payment-Assistance-Congress
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