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Is it possible to buy a home with no down payment.

Real Estate Agent with Remax Town & Country

We have all seen the media reports concerning the housing market. It seems that the sky is always falling. This weekend the local news reported on the number of homes in the Atlanta area that are now listed at or below $25,000. Many of these same homes were listed between $50,000 & $100,000 just a few years ago.  These prices do not reflect average prices in the Atlanta area but they do give a great example of what is going on. If you are looking to buy a new home, there has never been a better time. Interest rates are low, prices are falling, selection is still at record levels, and sellers are becoming far more flexible.

One of the most overlooked options for buyers is called "The Nehemiah Program". While most creditors and lenders have tightened up on the guidelines for a loan, the FHA loans seem to be revitalizing and are becoming very attractive. The new loan limits here in the Atlanta area average over $340,000 and if you qualify you may be able to purchase the home with "DOWN PAYMENT ASSISTANCE".

This is done through "The Nehemiah Program".  HUD just concluded a 2-year battle over the legality of the program but in the end it has been decided that it is legal and will remain so. The program allows for the seller of a property to give the buyer the 3% needed for an FHA down payment. The seller may also contribute to closing costs and or repairs to the property. Please understand that every scenario is different and you should consult with a lender before moving forward, but this option does allow for many people to own a home that may not think that they can. I have added a link for you to get more information on this program.