Is Down Payment Assistance Going Away?
By Ken Montville, The MD Suburbs of DC
(RE/MAX United Real Estate)
I was watching the Nightly Business Report last night and there was one segment in particular that caught my attention -- FHA's No Money Down Loan Program Here is how the program currently works: Let's say you qualify to make the monthly mortgage payment on a $350,000 house based on your credit score, debt-to-income ration and some other factors. However, you don't really have enough money saved up to meet the down payment and closing costs requirements of an FHA loan (3% or, in this case, $10,500). Currently, there are a number of non-profit, down payment assistance programs like the Nehemiah Program or Ameridream that will give - that's right, give - you the money to make your down payment. However, the money these programs receive in order to give to you come from the Seller of the h...
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