Ricky Khamis's Blog: First Time Home buyer and Down Payment Tips


First Time Home buyer and Down Payment Tips

Hud is really trying to extinguish the Seller Down Payment Assistance program through Ameridream and other non-profits.  While some may feel this is a good idea, for the ones that it truly does help is really a shame.  However there are other ways to accomplish this, here are a few:

  • Employer can Gift the down payment
  • Family Can gift the down payment
  • "close" friend can gift the down payment

Remember that the seller at this point can still cover up to 6% in closing costs, that may change the 3% which is up for debate as well.  We have been using the 6% to buy down 2yrs of interest for affordability called a 2/1 buy down.

I will be holding several seires of First Time Home buyer classes in our classroom at our office complex and wanted to get a general idea of some content on the Real Estate side...  It would be really helpful if you have done one or have some ideas in holding them form your perspective.  I have all the lending side down, but from the purchase side, you're the expert.

Ricky Khamis, CMPS

On Q Financial

888-929-CMPS (2677)



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Ricky Khamis
NMLS 173141 | LO-0911814 | CA-DOC173141
Branch Manager | Corporate Office
Arizona and California CE Instructor

Email: Rick@amerifirst.us

480-344-1900 office
602-758-7425 mobile
480-339-1615 fax

NMLS 145368 

1550 E. McKellips Rd, Suite 117
Mesa, AZ 85203


Amerifirst Financial Disclosure-  The opinions expressed here are the personal opinions of Ricky Khamis.  Content published here is not read or approved by Amerifirst Financial before it is posted and does not necessarily  represent the views and opinions of Amerifirst Financial.

Comment balloon 3 commentsRicky Khamis • July 01 2008 05:33PM


I just learned about a new program in Arizona that is going to be working with first time buyers and does not have a cap on earnings.  I left a message on the voice mail of the person in charge and will see whether I can gets more details that you can use.


Posted by Bill Austin (East Valley Living) over 12 years ago

There are a couple Bond Money, actually several, programs the issue there is that the qualification is very difficult.  The borrower has to fit in a tiny box, unlike the big box FHA affords...

Thanks Bill for your help.

Posted by Ricky Khamis, NMLS 173141 | CADOC 173141 - 480-339-1565 (Amerifirst Financial, Inc. (NMLS #145368)) over 12 years ago

USDA Rural Developement Loans are really GOOD!!!!

Posted by Michelle Way, ABR, GRI, WCR ( AVALAR Pro Realty) over 12 years ago