Home Buying in Gresham>Question Details

Swankstar54, Home Buyer in Gresham, OR

i'm being told that using down payment assistance with fannie maeis ok but it can't be used as the %3.5 down for the program.

Asked by Swankstar54, Gresham, OR Sat May 21, 2011

I am attempting to buy a house from Fannie Mae and my mortgage group says the down payment assistance funds i was going to use are not applicable for the actual %3.5 down payment. these funds are from a public transportation company who purchased the house i live in and want's to develop it into another rail yard. this is federal money but i am recieving it through the public transportation company. although it is not considered a loan or a gift i don't see why it matters to Fannie Mae. Any suggestions?

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Answers

7
by the way... did you know you could get up to 6% contribution from Fannie and not just 3.5% ???

Ring me and I will HELP you.... ;)

b
Web Reference: http://www.203kworld.com
0 votes Thank Flag Link Tue May 24, 2011
Make sure you shop. MANY lenders pretend to be an authorized homePath lender... Check the list on http://www.homepath.com
Web Reference: http://Www203kworld.com
0 votes Thank Flag Link Sun May 22, 2011
I think that is a legitimate source of funds for the down payment. I'm with HomeStreet Bank in Clackamas. If you could send over the documentation I can have an Underwriter review it in the morning.

John Remboldt
(503) 317-8886
john.remboldt@homestreet.com
http://www.homestreet.com/jremboldt
0 votes Thank Flag Link Sun May 22, 2011
Pay NO ATTENTION to the man behind the curtain....

Here is the deal. Don't look at "defining" just what you are "going to use the 3.5% seller assistance for". Instead look at it this way, Determine your TOTAL CASH TO CLOSE and then subtract the seller contribution.

DownPayment
+ Closing Costs
+ Prepaids
- Seller Contribution
= Total Cash Required

I hope this makes sense.

BTW, I am a HomePath Specialist, the ONLY lender licensed by FannieMae to do the HomePath Renovation mortgage in ALL 50 States. Please ring me. I would be delighted to help!
Web Reference: http://www.203kworld.com
0 votes Thank Flag Link Sun May 22, 2011
What type of mortgage are you being quoted? Are you using Fannie Mae HomePath financing or are you getting an FHA mortgage?
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Sat May 21, 2011
You need a local mortgage professional. Drop me an email and I will give you two that I know to be experienced with Fannie Mae (and other) programs.
0 votes Thank Flag Link Sat May 21, 2011
I know that is difficult but it does make a difference to lenders where your down payment comes from. This all came from the problem the banks are having - therefore they have to see that you are putting in your own money to know you are going to be invovled in the purchase.
0 votes Thank Flag Link Sat May 21, 2011
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