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As most of you know from previous posts, FHA loans (loans that are insured by the government), only requires 3% money down on the purchase of a new home. Most of you might be saying WOW THATS FANTASTIC, others, not so much. Still, it is exciting in the mortgage industry because there are non-profit organizations such as Nehemia and Ameridream that gift up to 6-10% of the purchase price to cover things like closing costs, the FANTASTIC 3% down payment, and if there is still money to be gifted it could be used for repairs.

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There is a new term out there that many of you probably don’t know about, and its called EEM – Energy Efficient Mortgage. Thats whats next on the blog.. check back for more.

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Some of you will notice the two new links on the left hand side of this page. These are links to government sponsored programs. Both are very similar in that they both are involved with down payment assistance. With these two programs you can buy a house with no money down. So when you hear everyone say NO MONEY DOWN, this is what they’re talking about.

How does it work?

Being that they are non-profit organizations they basically take a check written by the seller, the organizations then process that check and write a new check as a “gift” or “grant” for the down payment which the seller is returned in the end.

There were some problems with this earlier on in the year between the government and them regarding whether or not they really are a non for profit organization.

Either way they are still providing homes with no money down through FHA backed mortgages. Being FHA experts in this field if you are looking to buy a home for no money down it most definitely is possible!!