I just wanted to let you know that the house did pass the housing bill today, which included the ban on seller contribution towards down payment. That means that organizations like AmeriDream and Nehemiah will be no more. Gifts from family members, pure non profit organizations and municipality bonds will still be available. There is still a small window to work with if you do need to use AmeriDream or Nehemiah, these programs will be in effect until September 30th 2008. Which means you need to close escrow prior to that date.
So in other words, if you need these programs to purchase a home, you need to act fast. If you have any questions about this, please don't hesitate to ask. Have a great day.
I send most of my buyers to State Mortgage. If you would like to contact them my rep is on my site. His name is Bryan Sheets.
Feel free to call if you have any questions!
Ameridream/Neimiah programs work in conjunction with FHA loans. You will need to work with a mortgage lender that has experience not only with FHA loans but also with the Down Payment Assistance Programs. I personally have become an expert over the last 3 years helping many homeowners successfully buy homes using the Ameridream Down Payment Assistance Program. FHA allows a lot of unique things such as gifts for down payment and seller concessions for closing costs. Many clients who get approved FHA can actually structure a real estate contract with a seller to allow the buyer to have his down payment requirement met (Ameridream) and have his closing costs paid. Also, I would not worry as much about the Down Payment Assistance Programs going away. HUD has been trying to shutdown Ameridream and Neimiah for years. Every time, these 2 non-profits win their court cases. They are just again in battle with HUD. I am meeting with my contact at Ameridream Barry Antle today to discuss this further. If you have further questions, please feel free to call me.
I personally can work with both the Ameridream and Neimaih programs through L&G Mortgagebanc. If you are planning on using either one of those programs you should act quickly. There is a very good chance that they will be going away soon. If they do though, the lending institutions are going to be fighting to have the sellers have the ability to contribute through conventional lending (that is why they are fighting to have the programs shut down).
In any case, find a good loan person that you can trust and work with them. If you would like to contact me feel free, I would be happy to help!
Any FHA lender should have no problem with doing a loan with any downpayment assistance programs. It really has nothing to do with the loan other than the fact that only FHA loans approves downpayment assistance. If you find someone that says they don't do them, then they are not knowledgeable and I would steer away from them if I were you (assuming that they do FHA loans). If you need to get in touch with a lender, I work with a great guy that is very reasonable and knowledgeable and if he says he can get youe done, he will get you done on time with no surprises. Good luck!