Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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NEHEMIAH LOAN PROGRAM CUT

HOME LOANS, INDUSTRY NEWS, REAL ESTATE LEGISLATION
July 30th, 2008

President Bush signed into law today HR 3221. One of the provisions of this law will do away with a popular loan program that is used in conjunction with FHA financing. The Nehemiah program allowed property sellers to donate the buyer’s downpayment (approximately 3% of the purchase price) to a non-profit. In turn the non-profit would gift the downpayment to the buyer essentially allowing the buyer to buy the home with no downpayment. This loophole has allowed many buyers to purchase a home even if they lacked sufficient funds to cover the downpayment.

Starting October 1st, 2008, this loophole will be closed. Buyers will be required to make a downpayment from their own funds or it can be gifted from a family member. Sellers are allowed to contribute up to 6% of the purchase price to help the buyer pay all or part of their closing costs but not the downpayment. This seller credit could also be used to buydown the interest rate which would lower the payment and interest rate for the life of the loan. Closing costs typically average 4.5% of the purchase price.

For questions or additional information contact author Brad Garbutt as follows:

www.movetoredding.com

www.BRADGARBUTT.com

bradgreps@yahoo.com

530-224-6767

530-941-7492

REAL ESTATE PROFESSIONALS GMAC

BRAD GARBUTT

REALTOR/BROKER

TWENTY FIVE YEARS LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Wednesday, July 30th, 2008 at 1:57 pm and is filed under HOME LOANS, INDUSTRY NEWS, REAL ESTATE LEGISLATION. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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