Closed today with Nehemiah Down Pmt Grant

By
Services for Real Estate Pros with Law Office of James Miner LLC

I closed a purchase today utilitzing the Nehemiah down payment grant program.   This particular transaction also included a seller concession for closing costs.  My clients were able to get into a $300k home for a grand total out-of-pocket of about $6,500. 

This was a nice young couple with two incomes and good credit.  The loan was full documentation and they are well able to handle the monthly mortgage payment on their incomes.  The combination of down payment grant and seller concession for closing costs helped this couple to get into a home much faster than they could have if they continued to pour money into rent every month while trying to save up enough money for a down payment.

I had a second, unrelated,  closing today also.  This was a more mature couple that sold their "starter" home and was moving up to a more comfortable home.  They had a normal down payment and did not require a concession for closing costs.  Of course, they could not have made this move up if there had not been a first-timer buying the starter home that my guys had to sell. 

This was a reminder to me of the importance of first time buyers to the entire real estate process.  Each market segment depends upon movement at the segment below it.

I'll be very sorry to see the down payment assistance program go away.

Jim

 

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Rainmaker
595,025
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Down payment grants are so helpful for first time buyers.  As important is a Realtor being able to explain concessions to sellers.  Concessions are very important, particulary in this market, so a solid understanding and the ability to explain it is essential.

Aug 12, 2008 02:00 AM #1
Anonymous
nutsaboutdonuts

Today, Nehemiah Corporation of America announced the launch of
http://www.DPAGroundSwell.org ,
a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance

Aug 12, 2008 12:44 PM #2
Rainmaker
26,822
James Miner, Esq.
Law Office of James Miner LLC - Westfield, NJ

Thanks for the info on www.DPAGroundSwell.com   I'll check it out.

Jim

Aug 12, 2008 01:21 PM #3
Rainer
14,619
Bernard "Bernie" Hartigan
Residential Home Funding - Hoboken, NJ

Jim the state now offers Grants for 1st time home buyers up to 4% of the purchase price of the home.  The best part is its free from the state check out my blog.

 

RESIDENTIAL HOME FUNDING

Bernard Hartigan

 

195 route 46 West, Suite 1

Totowa, NJ 07512     

E Fax  866-646-3990

Cell     973-699-0378

 www.myfhahomeloan.com

www.mortgagesforchampions.com (Special Mortgage Program for Police, Fire Department, EMT, doctors, nurses, correction officers or teachers.)

www.moneyforbuilders.com

 

 

Sep 26, 2008 04:28 AM #4
Rainer
157,773
Michael Kitsch
Coldwell Banker - Katy, TX

Now that Nehemiah is no more, what is your favorite substitute?

Feb 03, 2011 02:04 AM #5
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Rainmaker
26,822

James Miner, Esq.

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