|
|
|
|
|
|
 |
WHO
IS NEHEMIAH?
| |
| |
|
The
Nehemiah
Program is the Nation's largest
privately funded downpayment assistance program.
Helping
thousands of people achieve their dream of homeownership.
Nehemiah
Corporation of America (Nehemiah), one of the Nation's largest
and most respected community development corporations, administers
the Nehemiah Program.
|
|
WHAT
DOES NEHEMIAH DO?
| |
| |
|
The
Nehemiah
Program provides gift funds to qualified
homebuyers who purchase participating homes using an eligible
loan program.
For
example a Federal Housing Administration (FHA) loan and some
specific conventional loan products, would meet the terms
and conditions required by Nehemiah.
|
|
NEHEMIAH
GIFT FUNDS:
The Nehemiah Program has specific lenders which allow gift funds to be provided in
order for you to get down payment assistance and purchase your
owner occupied home.
GIFT
FUNDS:
|
|
| |
|
Their
are No Income Limitations and |
| |
|
Their
are No Geographical Restrictions. |
| |
|
Their
are no Repayment of the Funds, |
| |
|
Their
are no Re-capture penalties |
| |
|
Silent
Second Mortgages are for 30-Years, |
Gift
Funds are offered toward
the purchase of a participating home anywhere in the United States
|
GIFT
FUNDS ARE REQUESTED THROUGH:
| |
| |
|
Your
Real Estate Agent / Mortgage Consultant, and |
| |
|
Closing
through a Registered Closing Agent / Escrow Officer.
|
|
BUYER'S
RECOMENDATIONS:
|
|
| |
|
To
consider Home Education Courses, |
| |
|
And
get a Professional Home Inspection. |
|
LOAN
AMOUNTS:
| |
| |
|
$25,000.00
Thousand, up to |
| |
|
$1,500.00
Dollars |
|
LOAN
TERMS:
| |
| |
|
Up
to 5 Years for Term Loans, and |
| |
|
12-Months
(renewable) Lines of Credit |
|
LOAN
FEES:
| |
| |
|
1%
Commitment Fee, and |
| |
|
1%
Closing Fee: 1% (Minimum $500) |
|
LOAN
APPRAISED VALUE:
| |
| |
|
90%
Loan to Value, |
| |
|
10%
Equity Position. |
|
COLLATERAL:
| |
| |
|
Real
estate, when possible |
| |
|
Subordination
to conventional lenders considered |
| |
|
Will
consider alternatives to real estate |
| |
|
Assignment
of leasehold interest - Certificate of Deposit |
| |
|
Irrevocable
letter of credit - Loan Guarantee |
| |
|
Income
Stream - Assignment of Revenue |
| |
|
Suggest
something for us to consider |
|
