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greg1

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!

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adonis · Posted: Thu Jan 31, 2008 2:54 am Post subject:

Greg,

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?

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.

greg1 · Posted: Thu Jan 31, 2008 7:46 am Post subject:

Sorry, I forgot to login!

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Greg,

This really helps Smile

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?

Thank you,

ckalvesmaki · Posted: Sat Feb 02, 2008 8:08 am Post subject:

On an FHA 203k yess it is allowbale for the seller to gift the money.......3%....for the down payment.

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