FHA Loans for Homebuyers ------------
FHA Refinancing ------------

Need to Know ------------
FHA Programs for Homebuyers ------------ overview
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FHA and the Nehemiah Program
Elimination of Non Profit Down Payment Assistance
On July 30, 2008, President Bush signed H.R. 3221 - Housing and Economic Recovery Act of 2008.
Section 2113 of the bill prohibits seller-funded DPA (Down Payment Assistance) for loans backed by
the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to
cover either a down payment or closing costs on an FHA loan. The changes are effective October 1, 2008.
The Nehemiah Program is the largest privately funded down payment assistance program in the United States, offering
down payment assistance to qualified homebuyers.
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Qualify for an FHA Loan
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Nehemiah provides grants to qualifying first time and repeat homebuyers. These gift funds can be used toward down
payments and closing costs for homes purchased through eligible FHA loan programs.
Nehemiah gift funds can be used toward the purchase of both new constructions and resale homes. Depending on the
seller's contribution, the Nehemiah Program can gift up to six percent of a home's final sale price.
And since Nehemiah funds are awarded as gift funds, they do not have to be paid back.
Can Nehemiah Help You?
Access to the Nehemiah Program is contingent upon your ability to pre-qualify for a home loan grant through an approved lender.
Once you are qualified and approved, you will be referred to a real estate agent who will help you find a home that qualifies under Nehemiah Program guidelines.
When you find the right home and the seller has accepted your offer, you are ready to close.
At this time your Nehemiah Program gift funds are wired to the title/escrow company and you can to proceed
to close and the fulfillment of your goal: homeownership, with help from HUD and the Nehemiah Program.
Are You Eligible?
The Nehemiah Program uses many of the same criteria needed to qualify an FHA loan. Familiarize yourself with
all the qualifications for FHA loans by reviewing our website, and then apply for an FHA loan online.
Since this program is no longer available, we recommend that you get pre-approved for a low down payment FHA home loan.
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to Buying a Home with an FHA Loan
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> FHA Step 1
How much can you afford?
> FHA Step 2
FHA says, "Know your rights."
> FHA Step 3
Shop for an FHA loan.
> FHA Step 4
Shop for a place to call home.
> FHA Step 5
Make an offer for the home.
> FHA Step 6
Get a home inspection.
> FHA Step 7
Your homeowners insurance.
> FHA Step 8
Sign on the dotted line and move in.
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