Down Payment Assistance - gift / FHA

[DallasLoanGuy]

I had a guy sell a roping horse for his down payment.....

U/W wanted to verify the value of the horse....

we got three local farmers to appraise the horse and attest to age of the horse.

we closed that loan. funniest **bleep** thing i ever seen

[Anonymous]

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@Anonymous wrote:

I have no idea how to search for it locally - but the FirstHOME thing is giving 50% downpayment to the first lender so they are not concerned with the reserves thing. Normally we wouldnt even have to come up with any down payment due to VA, but its the FirstHOME program that wants the 2% - and they are the ones telling us the 2% is okay to get from a grant/charity.

Its just finding one.

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Why not call local/national banks who participate in the firsthome program to see if they know who to contact.  Also many states get grants that are run by both city and county offices so while the firsthome grant is run through the city there could be programs your county offices run.  There should also be a not for profit federal agency in your area to help you.  Go to huds website and you can search for a office near you

Message Edited by steelfan on 11-20-2009 07:32 AM

[Anonymous]

Thanks I will try that, perhaps they do know. We are going through BofA.

As for the HUD site - Ive been on there left and right trying to find this information and I see it mentioned but never any links to one. So unless Im missing it over and over again...  

[Anonymous]

judydyoung,

How much house are you buying?  2%?  You would be surprised what you have arounfd the house that can get you a couple of Hundred dollars.  How much do you have to come up with?

[Anonymous]

We need $5-6k

The average 3+2 where we live that even remotely meets HUD requirements is closer to the 300k mark.

[Anonymous]

judydyoung,

I'm in the Illinois.  I have come up with over $30,000 in FTHB Grants. I am constantly scouring the web for others.  If I go FHA I have to come up with 3.5% so I can use them to whittle off of my prinicple, help with closing or assist with down payment but None will absorb the 3.5%.  I have to have that in the bank.  I just don't know of any grant that will give you the required amount that you have to show.  Like I said I have researched lot's of Grants!

Maybe someone will chime in with one.

[Anonymous]

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@Anonymous wrote:

Thanks I will try that, perhaps they do know. We are going through BofA.

As for the HUD site - Ive been on there left and right trying to find this information and I see it mentioned but never any links to one. So unless Im missing it over and over again...  

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On the main page should be a "I want to talk to a housing counslor link" click that, when the new page opens up there will be a "state info" tab click that and choose your state. Once the new page opens up there  will be another box saying I want to and pick talk to a housing coun.  After youi click that a page should open up with names, addresses, phone numbers and weblinks to all couns in your state by alphabetical

[Anonymous]

They must be out there because otherwise they wouldnt tell us to look. Perhaps its due to location, we are in Los Angeles county. But Im trying to find down payment assistance programs that are not associated with FHA because I think the FHA ones are non existent now? Im confused as to what exactly they stopped last year.

Anyways I have heard of charities. I had originally found one place quickdown.com but they dont provide the money until near the end of everything, which the FirstHOME program doesnt accept.

Im looking for others.

[Anonymous]

Yes I know Ive seen those listings - however those are housing counselors not links to grant or charity sources.

[Anonymous]

from what I have seen, none of the charities will give you the money, even if you find one.  They will onyl send the money directly to escrow immeidately before close.  The risk of fraud is too great other wise. 

I think the LO/program is more hinting at getting a gift for the 2% then finding a grant if YOU have to have cash in hand.  Not to say it is an impossible task, but you will be hard pressed to find many charities doing this work right now and the ones that do are not likely to hand over money to the buyer, or to do so until immediately prior to close (as inthe day of closing they will wire money).

Good luck with it all.