Posted: Tue Jan 29, 2008 1:55 pm Post subject: Home Rehabilitation Loans - Available Programs Discussion
Another program most have is a Fannie Mae Homestyle loan. It may require a 5% down payment though. There are ways to get around that with grant money. Just beware of the current declining market conditions that require a 5% additional cut possibly requiring 10% down payment.
Hope this helps!
[System detected duplicate content; converted into image. Thanks.] _________________ Greg Phillips Mortgage Professional Web:HomeBlogMessage Board
That's indeed a great piece of information. But I suppose the criteria and eligibility requirements would vary slightly from one lender to another isn't it? _________________ Procrastination is the enemy of your financial sucess
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Posted: Thu Jan 31, 2008 7:46 am Post subject:
Yes. It is a general idea on the programs but the numbers and allowable work can vary.
But I have a question here. You have said "Down Payment requirements of 5% or up to 25%". Say the buyer cannot afford the down payment. So is it possible that the seller or the lender pay the down payment for the buyer?
On an FHA 203k yess it is allowbale for the seller to gift the money.......3%....for the down payment. _________________ Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
greg1
