In this day of declining real estate markets and foreclosures, at least in the Dallas / Fort Worth area, sellers have been lowering their sales price just to sell their house. However, recently there has been an upturn in purchase transactions which can largely be attributed to The Nehemiah Program®, the nation’s largest privately funded downpayment assistance program. The Nehemiah Program provides gift funds for downpayment and closing costs to qualified homebuyers who use an eligible loan product such as a Federal Housing Administration (FHA) insured mortgage or conventional loan that allows gifts from charitable organizations. What does this mean for today’s sellers? Sellers not only sell their home quicker, they can receive full market value consequently stabilizing current market conditions and helping themselves as well as the homebuyer move closer toward achieving their goals and dreams.
Here’s how the program works:
The Nehemiah Program gift funds are monies offered by Nehemiah to qualified first-time and repeat homebuyers, requiring no repayment, no silent second mortgage, and no re-capture penalties. Gift funds of 1% to 6% of the final contract sales price can be received, depending on the particular needs of the homebuyer (the seller can also contribute up to 6% for closing costs). The gift funds are offered toward the purchase of a participating home (any home on the market–existing/
There are 4 basic program requirements:
• Both the homebuyer and seller must agree to participate in The Nehemiah Program,
• Homebuyer must use an eligible single-family 1-4 unit loan program such as an FHA loan or a conventional loan that allows gifts from charitable organizations,
• Homebuyer must purchase a Nehemiah participating home,
• Homebuyer must be the primary occupant of the property (non-occupant co-borrower(
Contact David Graves, Sr. Mortgage Banker, Network Funding, L.P.
2331 Gus Thomasson Rd. Ste. #134 Dallas, TX. 75228
Direct: 214-484-4751 / Email: david.graves@
Website: http://www.texasmoneyman.net
For more information about The Nehemiah Program, visit www.getdownpayment.com
ABOUT NETWORK FUNDING, LP:
Network Funding, LP’s, http://www.nflp.com, mission is to provide our clients with high quality mortgage and real estate programs that are tailored to fit their unique situation at some of the most competitive rates in the nation. Network Funding, LP was created in 1998 as a Texas-based wholesale mortgage lender, in time evolving into a hybrid retail mortgage origination company. Network's emphasis is to create an entrepreneurial environment, which attracts highly motivated, professional loan origination personnel. This is accomplished by providing a support network framed out of the best features of a classic retail mortgage lending operation and energizing it with certain entrepreneurial elements that are commonly found in an autonomous branch environment.
ABOUT NEHEMIAH CORPORATION OF AMERICA:
Founded in 1994, Nehemiah Corporation of America, http://www.nehemiahcorp.org, is a Sacramento, California based nonprofit organization committed to rebuilding communities from the inside out. In 1997, Nehemiah launched its flagship program, The Nehemiah Program, to provide downpayment assistance to homebuyers. To date, Nehemiah has provided more than $1 billion in downpayment assistance gifts and has helped over 250,000 families and individuals achieve their dream of homeownership.
