Seller-funded (or any other kind of funded) down payment assistance programs: Are they gone?

Mt
Home Seller
55805

I need to do SOMETHING to entice buyers in this market. What can I offer (that is legal)?

Answers (3)
Aaron Dickinson...
Agent
Minneapolis, MN

Teri is correct.

As was recommended in an answer to one of your questions back in June, your best bet is to have your agent pull activity and look to see if your competition is selling. If it is, price reduce as you must be too high. If nothing is selling, price reductions may not make a difference.

Fri Oct 24 2008, 11:53
Teri Eckholm
Agent
Ham Lake, MN

Hi Mt!

Actually there are two seller funded programs but both are very limited.

The first one is the VA program limited to Veterans of any armed services. If you have served in the armed services check with the Veteran's Administration regarding your eligibility.

The second is the Rural Development Program. This program is available on a limited basis for select communities throughout the US. Not all are farm communities as several towns just outside the Twin Cities area are eligible. I just posted on this program on my blog after hearing about it from a loan officer I work with.

Most other programs seller funded programs ended last month.

Hope this information was helpful!

Thu Oct 23 2008, 14:05
Lenny Frolov
Agent
Minneapolis, MN
FIRST ANSWER

At this point there is nothing you can offer that will help the buyers with their minimum down payment requirement. They are all gone till further notice.

Thu Oct 23 2008, 12:14

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