Through the NHF Down Payment Assistance Program, you can basically get FREE MONEY through a GRANT! You don't have to pay it back, and it's not hard to qualify!
Last week I met with some clients and a Mortgage Lender whom I've worked with on several occasions. As I heard him explain this program to them, my jaw basically hit the floor. The monthly payment does end a little higher, but because you are getting the 3%-5% downpayment for free, it takes years (8 in my clients case) to make up the difference!
Here is what Andy Fernando from Alpine Mortgage said about this program:
"For many people today, the number one challenge to buying a home is putting together the down payment. With Alpine Mortgage Planning has solved that problem with the NHF Down Payment Assistance Program.
NHF is a down payment GRANT, not a loan. The grant available is either 3% or 5% of the homes price, and works in conjunction with a 3.5% down FHA fixed rate home loan. If you meet the qualifications and criteria for the loan program, NHF is GIVING you the money for the down payment. Here are the basic criteria:
- 30 year fixed rate mortgage
- Rates determined by amount of grant you request, 3% or 5% of loan amount
- Maximum debt to income qualifying ratio of 45%
- Income limits apply by county (King – $101,430, Pierce – $82,110)
- Regular FHA underwriting standards apply
To find out if you qualify for Alpine Mortgage Plannings NHF Down Payment Assistance Program, get in touch with your Alpine lender today. By providing your current income, asset, and credit information, along with a short interview for an application, we can get a preliminary credit determination very quickly, sometimes in a matter of hours. "
I am seriously completely in awe of this program. If you have been thinking about buying a house, but are simply waiting to save up a down payment, I urge you to look into this program to see if you qualify. Home prices are on the rise, so by the time you save up the down payment, you will be spending more on the house you want. And dont forget this is a GRANT! They basically gift you the down payment.
If you have any questions about this program, let me know, or reach out to Andy Fernando. I highly reccomend him. His contact info is below!
Andy Fernando | Mortgage Advisor
Alpine Mortgage Planning
C 206.498.5355 | f 855.718.4221
I am sad that they are being dragged around for months with no end in sight.
I am sad that we have little control in a tough situation.
I am sad that through everyone else's garbage, they are doing the right things and just trying to buy a great house for their family. But despite them being prepared, saving up, staying on top of the ball, they are the ones suffering.
With all of this, you would think I'm a lawyer and my clients are going through a long legal battle. I suppose you could say there is somewhat of a legal battle, but this is different.
This is a short sale.
When buying a home, a short sale can look like a great bargain on paper. All you have to do is wait a few months to get that price, right? Wrong. BEST CASE scenario….the lien holder (who really has all the power in these situations) only haggles you up in price a little, and you only spend 2-3 months waiting. This is not typically the case.
We've been working on this going on 10 months now, and it's been a nightmare for all parties. Without going into specifics, we've been in negotiations twice, it took a month to schedule an inspection with a very non-cooperative tenant, after waiting months, the bank decided they wanted almost $100,000 more for the home. That gap was way too large to fill (and over valued), so they put the home back on the market, and after dropping it a few times, we got back in there. Since then, we've waited 5 months.
The problem is, there are a bunch of
morons people doing their job at the banks. Each file passes through numerous hands, it gets stacked in the corner, and they simply don't care that there are real people – who have put their lives on hold – on the other end.
If you (as a buyer) break contract or are late on a deadline, they take notice and could even cancel the file! However if they are late, or they don't carry though on things that were promised…it's your fault. You are SOL. That is a tough pill to swallow, but it's true.
Don't they just want to get the house sold? We find ourselves asking. Yes, in theory. But some button pusher at the bank probably has a quota to fill and must try his darndest to get the most money for the house…even if it means putting it back on the market and waiting for a new buyer. So this is why if you don't bend over backwards at times, they can take it away. And that's not fair, or right, but that's the way it is.
There are times that short sales can go smoother. But if you are considering buying a short sale, think hard about not only the time its going to take and the deals and homes you might miss out on while waiting, but the enormous emotional struggle you may face.
Another sad part about short sales is while they are a great way for people under water to get out of their home, the banks are stringing them along as well. They simply want to get out of the home with as little damage on their credit, and with the most ease possible, but the banks are making this process long and arduous for them as well.
As a Realtor, I am glad to pursue short sales for my clients. In this case, it is 100% the right house for this family, no questions about that. And because of that, the struggles may be worth it. But ask your Realtor to talk to you about their experience with a short sale and decide if that really is a route you want to take.
Questions? Have your own experiences to add? Please do comment below.