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
NMLS 173141 | LO-0911814 | CA-DOC173141
Branch Manager | Corporate Office
Arizona and California CE Instructor
AMERIFIRST FINANCIAL, INC.
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.