Amanda Clark

Archive for August, 2010|Monthly archive page

More Help For First Time Buyers!

In Uncategorized on August 31, 2010 at 9:50 pm

It has been the case, with an FHA loan, that a borrower has to have some serious cash for a down payment –  not as much as they would with a conventional loan, but still, more than 3% of the purchase price – which can still total around $3,000-$5,000 for most buyers. But relief arrived for 1st time buyers this week when NIFA announced the Homebuyer’s Assistance Mortgage, which will (for qualified borrowers) mean that much less will have to be gifted or taken from a buyer’s savings account – only $1,000 for most folks. Wow, I sure wish I was 1st time buyer these days!

Below is more Info. from www.nifa.org

NIFA’s Homebuyer Assistance (HBA) Mortgage provides down payment and closing cost assistance. To qualify, the borrower must meet the same requirements as a First Home Plus Mortgage including the income and purchase price limits and the first-time homebuyer requirement.

Under the HBA Loan Program, NIFA will provide, in connection with a NIFA first mortgage loan, a second mortgage loan in an amount up to 3% of the purchase price of a single‐family residence. The HBA Loan Program provides a portion of the down payment and/or closing costs to the borrower at the time of loan closing. The loan will be structured as an amortizing second mortgage loan with monthly principal and interest payments over a 7‐year period (84 months). The HBA mortgage is assumable under certain conditions.

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