Down Payment Assistance?  Not For Long!

Right now, if a buyer qualifies for an FHA loan, which requires a 3% down payment, the buyer can request that money from the seller, in the form of down payment assistance.  Essentially, there is an intermediary company that takes the money from the seller, and gives it to the buyer, all at the closing, and it’s legal and permissible.

There is currently legislation that will prohibit this from happening.

What’s the big deal?  Well, right now, if the buyer qualifies, and the seller agrees, then the buyer can buy the home with almost $0 out of pocket.  Don’t get me wrong.  This isn’t like the sub-prime loans of yesteryear.  The buyer must meet strict qualifying guidelines.

When this legislation passes, and it will, buyers must come up with at least 3% down to buy a home.  So, if you’re considering buying a home, and would like to do so without a lot of money out of your pocket, then get going!

If you have questions, don’t hesitate to ask us.  Just visit:  www.NathansonBrothers.com