5/13/2008

Buyer Down Payment Assistance

Many times the buyer needs extra cash to close, and many times the seller might be willing and able to contribute funds in order to sell his/her property.

The HART (Housing Action Resource Trust) down payment assistance program is one designed to do just that. Unlike certain other program geared strictly to first-time buyers, geographic or income limitations, this program does not place such requirements. Also, in most loan programs, the seller may not pay towards the buyer's down payment, however, the HART program is structured so that funds from the seller given to the HART program may be used towards the buyer's: down payment, closing costs, pre-paid taxes, or rate buy-downs.

This program now allows for funds up to $25,000.00 (updated info) to be given by the seller as agreed upon in the contract to the HART program when a homebuyer is working with a participating HART mortgage originator and the buyer is obtaining an FHA loan.

For instance, the funds could be used in all categories:

$3,000 (closing cost)
$5,000 (down payment)
$2,000 (pre-paids)
$1,000 (rate buy-downs)
Total: $11,000.

If you would like to qualify for a loan or speak to a loan representative, please contact me.

More information is available at http://www.hartprogram.com/.

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