|
Buyers for years now have been taking advantage of downpayment assistance programs such as Nehemiah. These programs help provide up to 6% in funds that go towards the downpayment on a home purchase. These are classified as a gift and these programs can be used with FHA mortgages.
But the default rates on mortgages going through these programs has been much higher than that for other loans. So, beginning October 1st these programs will essentially cease to exist.
But for the next few weeks there is a window of opportunity here. If you're a buyer looking for help with a downpayment and don't have family or other assets to tap, look into this program. But do it now! There must be a case number assigned by the end of September in order for you to take advantage of these programs.
The other current buyer benefit that's out there now is a current quirk with VA loans. While the guidelines providing the loan limits on jumbo loans have come out, the interest rates have not. So currently those jumbo mortgages are being financed at the same interest rate as, say a mortgage on a $350K house. This is only with VA loans and this will disappear quickly. So, if you're eligible for a VA loan and know that the home you want to buy will put you in the Jumbo market I'd move quickly on this one.
|
RSS Blog Feed