31 Jul 08 
FHA Loans: Down Payment Assistance Programs
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So you want to buy a house and you have little or no money for a down payment!
You ask a relative for support and you get little in the way as a positive response.
What options are you left with?
Well for the savvy homebuyer you know that you are limited when it comes to 100% Financing knowing the closest option is 97% through FHA.
Side bar, I know there are other complicated, detailed and those loans that tease you with 100% financing but I am NOT going into detail on those because in my opinion those loans are SO difficult to close I will leave it up to someone else to be that expert and focus in on FHA financing and where we are headed.
I am back to business.
So if you have limited down payment and need more where do you turn?
Luckily you can find a “Down Payment Assistance Program for FHA Loans.”
There are several different programs out there but they all have one thing in common:
THEY ARE ABOUT TO BE ELIMINATED BY
THE NEW HOUSING BILL OF 2008!
I often wonder what officials are thinking when they put something like this into effect but honestly that is a topic I don’t care to discuss here or for that fact ever. I just try to remain focused on the outcome and what we need to do to move forward.
Personally I use Down Payment Assistance Programs for FHA Loans and my clients quite often. The Program I use is called Nehemiah and can be found at www.getdownpayment.com WAIT before you leave here for there you will still need to know a few things.
To use this program you will be facing some real issues getting offers accepted by home sellers but good news is that you will get the 100% financing you are looking for.
Now if this law truly remains as is we will see this program TERMINATED on October 1st 2008 so start looking soon if you plan on using this program but be prepared for a true test of desire because again, Sellers want little to do with this program.
How it works, when you write a contract you ask the seller to contribute 6% of the sales price to the Down Payment Assistance Program for FHA Loans. IF the seller agrees they pass 6% of the sales price to the Down Payment Assistance Program for FHA Loans and a small fee is collected by the program which in turn sends in the 6% back to escrow as a gift to the buyer.
Logistically speaking, the Down Payment Assistance Program for FHA Loans typically sends the money ahead of funding of the transaction and escrow coordinates the delivery of the funds and fees.
Now the real question here is “What will happen when Down Payment Assistance Programs for FHA Loans go away?” NOT forgetting the new changes around Buy and Bail!
I think these two things will REALLY impact the Real Estate Market across the board and it will be interesting moving forward.
As always I am here to help! You can find more topics at my BLOGS www.brentlane.wordpress.com and www.thelanegroup.blogspot.com
Brent Lane
Tags: 100% financing, brent lane, buy a house, buy and bail, down payment, down payment assistance program, fha, fha loans, homebuyer, housing bill 2008, nehemiah, new housing bill, real estate market, the lane group
22 May 08 The Hunt for a New Home Starts Online
According to a recent National Association of Realtors’ profile of buyers and sellers, only 7 percent of all buyers went and visited an open house as their first step when searching for the right home to buy. In fact, it is estimated that close to 90 percent of all buyers start hunting for their next home on the Internet.
So where does this leave the open house? Many real estate agents will not conduct an open house unless insisted upon by the agent’s client; and when an open house event does take place, a rookie agent is often asked to host the event on behalf of the owner’s agent. Newer agents will often request to baby-sit the open house in order to gain leads by introducing themselves to would be buyers and sellers.
If a potential buyer does attend an open house, or if the buyer wishes to view a home for sale in person, it is most often after he or she has found electronic information – pictures, textual description, and other information gathered via the Internet.
Tags: home seller, homebuyer, internet, NAR, national association of realtors, new homes for sale, open house, real estate agent
04 Jan 08 Home Buying Guide: Part 1
For most of us, buying a new home is the most expensive and important purchases we will ever make. Homes should always be thought of as an investment, but in most cases, you buy a home to accommodate your living needs and wants. Whether you are buying a home solely as an investment, or buying a home to live in, there are numerous things you should know and consider about the house before you buy it. This post is part one of a two part Home Buying Guide designed to inform the average home buyer about some of the things to consider when purchasing a home.
Housing prices are often determined by location, size, features and the condition of the home. In today’s market, the average home can easily cost a home buyer over two hundred thousand dollars. This is why it is important for the home buyer to think about all aspects of the purchase before buying a property. Very few people can properly assess a home’s condition and value, which is why you should always have a professional appraiser and real estate agent look at the property prior to purchasing it.
Be sure to keep your present and future needs in mind when shopping for a new home. If you are buying a home to live in, will you be living alone? How much home can you afford? Do you plan on increasing the size of your household? If so, is there adequate space for additional rooms? How long do you plan on living in the home? Do you want a new home or a resale home? etc…
Location, location, location. We have all heard that saying before, and as you might have guessed; there is a very good reason for the repetitive phrase. Buying in a good location is important for a multitude of reasons. Some questions you should ask yourself, or perhaps your real estate agent, are: “Is this home in a good neighborhood or a bad neighborhood?” “How far away will I be from work, shopping, and schools?” “Is there convenient access to freeways?” and so on. Make sure the location meets your wants and needs, and is in a neighborhood and area that will be attractive to potential home buyers when you decide to resale your home.
In regards to the actual home, there are several important factors to take into consideration. Do you want a single-family home, custom home or a condo? Does the home builder have a reputation that may negatively affect your chances of reselling the home? Does the home have features and appliances that you’ve always wanted? How does the home look aesthetically? Is the home in good condition? If the home is not exactly what you want, how much money is needed to make necessary repairs and improvements? If a home isn’t initially pleasing in its appearance, can it be? If so, what needs to be done and how much will it cost? Keep in mind that changing the homes architectural style is not easy and can be very expensive.
A home buyer should always think about every aspect of a home before choosing to purchase it. It’s important to ask the advice of real estate experts to ensure that when you do buy a new home; your home not only meets your needs but is also a good investment.
Tags: buyers guide, buying a home, home buying, home buying advice, home inspection, homebuyer, Homes for Sale, housing prices, investing, new homes, Real Estate, real estate investment
