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why is the HART program not helping with down payment gifts

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caramel_star_maroon Joined: 23 Jun 2009 Posts: 9 5.13 Dollars($)	Posted: Mon Jul 13, 2009 2:39 pm    Post subject: why is the HART program not helping with down payment gifts Like 0 Dislike 0 What are HART, Nehemiah Neighborhood Gold loan or gifts and why is HART no longer going to be able of give "gifts"?
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Wed Jul 15, 2009 3:13 am    Post subject: Like 0 Dislike 0 Hi, Privately funded down payment assistance programs through non-profit organizations such as Nehemiah, are no more available in the market. Such programs made it quite easy for the home buyers to purchase homes of their choice without having to put down any money from their own source. But things have changed drastically in the mortgage industry. Lenders now require home buyers to put down some amount of money from their own source to make the purchase. Even if you receive a gift to make the down payment, the source of the gift will be verified by the lender before they approve of it.

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