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March 25, 2008 at 3:56 PM #12247March 25, 2008 at 4:07 PM #176143SDEngineerParticipant
Don’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).
FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).
Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.
March 25, 2008 at 4:07 PM #176593SDEngineerParticipantDon’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).
FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).
Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.
March 25, 2008 at 4:07 PM #176503SDEngineerParticipantDon’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).
FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).
Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.
March 25, 2008 at 4:07 PM #176500SDEngineerParticipantDon’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).
FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).
Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.
March 25, 2008 at 4:07 PM #176497SDEngineerParticipantDon’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).
FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).
Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.
March 25, 2008 at 4:13 PM #176603mskateParticipantThanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )
March 25, 2008 at 4:13 PM #176507mskateParticipantThanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )
March 25, 2008 at 4:13 PM #176510mskateParticipantThanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )
March 25, 2008 at 4:13 PM #176514mskateParticipantThanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )
March 25, 2008 at 4:13 PM #176153mskateParticipantThanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )
March 25, 2008 at 9:38 PM #176630PadreBrianParticipantIf 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.
There is no other freaking answer.
March 25, 2008 at 9:38 PM #176727PadreBrianParticipantIf 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.
There is no other freaking answer.
March 25, 2008 at 9:38 PM #176636PadreBrianParticipantIf 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.
There is no other freaking answer.
March 25, 2008 at 9:38 PM #176627PadreBrianParticipantIf 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.
There is no other freaking answer.
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