Real Estate/ Nehemiah loan question

[orbusrex]

So we are looking to upgrade and have made 2 offers on new houses. Our mortgage broker has it set up that we would get a Nehemiah loan. I have no idea what it means, but it looks very attractive.

End result is moving in for a total of $750 out of pocket, a 30 year fixed around 6.6%, and it seems as if the seller is making a ton of concessions... (the house is a short sale anyway)

Steveny et al, any words of wisdom? Any bad side? (and don't get solipsistic with me :biggrin::biggrin::biggrin

 

[queenlives]

So we are looking to upgrade and have made 2 offers on new houses. Our mortgage broker has it set up that we would get a Nehemiah loan. I have no idea what it means, but it looks very attractive.

End result is moving in for a total of $750 out of pocket, a 30 year fixed around 6.6%, and it seems as if the seller is making a ton of concessions... (the house is a short sale anyway)

Steveny et al, any words of wisdom? Any bad side? (and don't get solipsistic with me :biggrin::biggrin::biggrin

googling "nehemiah loan" returns this:
http://www.fha-home-loans.com/nehemiah_fha_loans.htm

Nehemiah will gift up to 3% of the final sales price to a qualified Nehemiah buyer for the down payment. This allows a you to buy a home with no down payment when combined with a FHA loan. This program requires the assistance of the home seller.

Nehemiah is a private California non-profit housing corporation. Nehemiah is not a government program. The Nehemiah Program gifts money to qualified buyers to purchase Nehemiah properties throughout the United States.

Before a Nehemiah transaction is scheduled to record, Nehemiah delivers the participating buyer's 3% gift money taken from a pre-existing pool of funds and delivers it to the closing company. The seller makes a contribution only after the successful close. Nehemiah is using its own money from a pre-existing trust fund.

Using the Nehemiah program to buy a home is quite simple and can be broken into two simple steps.

1. Get preapproved for a FHA Loan.
2. Once approved, find a home and have your Realtor write up the offer using the Nehemiah program.

If your realtor or lender is not familiar with the Nehemiah program, please use our form to get pre-approved and our mortgage professional will help you and your realtor with the program.

If you wish to use the Nehemiah program to purchase a home, take a moment to learn about ra.gif (855 bytes)FHA Loan Qualifying

 

[steveny]

I did not know about this program. Thanks for the tip. Just sent a email to the office about doing a mass mailing to all our tenants in single family homes.

YES!!!!! MORE FLIPPING!!!!!!!! Show me the money.

 

[orbusrex]

You offering a referral fee on this??:biggrin::biggrin::biggrin:

I did not know about this program. Thanks for the tip. Just sent a email to the office about doing a mass mailing to all our tenants in single family homes.

YES!!!!! MORE FLIPPING!!!!!!!! Show me the money.

 

[steveny]

You offering a referral fee on this??:biggrin::biggrin::biggrin:

lets see if we get any bites first. :biggrin: