Cindy Small of Union Mortgage group has given us an update on the changes in the current mortgage market. Please let us know if you have any questions and we will be happy to put you in touch with her!
Here is some clarification to what has been eliminated as of October 1, 2008 and what is still available.
· What is Gone? Nehemiah, Ameridream or ANY down payment assistance programs, where the SELLER is contributing any assistance towards the down payment.
· What is still allowed? The Seller can STILL contribute to the closing and prepaids. With FHA (still only 3% from buyer), max seller contributions is still 6%, and with Conventional it varies from 1-6%. Employers are still allowed to offer down payment assistance programs along with grant programs from non-profits like City of Alexandria and Fairfax County Housing departments, churches and Union Mortgage Group Grant (up to $10k) is still allowed. Our Union Mortgage Group Grant is first-come first-served and we only have about $900,000 left so hurry if you think your buyer will qualify!
· What programs still offer 100%? VHDA/FHA “Plus”. Income requirements: 2 or Fewer Persons $86,900, 3 or more Persons, $100,000. The borrower must have 1% in the transaction or 1% in reserves. 6% Seller contribution max and FHA property guidelines. Max sales price or loan amount $408,100. Must be a 1st time buyer (or not owned any property for the past 3 years).
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