Leonard of Medley & Kosakoski, LLC
2839 Paces Ferry Rd Ste 850 Atlanta Ga 30339
770 319 7592 P 770 319 7594 F
Saved my butt on a short sale!!! Came through in a flash with HUD- add him to your list and give him some business, can’t thank him enough for helping ME- help my distressed seller!
The Federal Housing Administration’s involvement in mortgage financing is likely to grow, HUD Secretary Shaun Donovan told a Philadelphia audience last week.
“While we prefer to have the private market be more involved, we have asked . . . to expand our authority to provide $400 billion more for the FHA insurance program,” he said.
FHA was involved in fewer than 2 percent of mortgages in 2006. Today, it has a role in 24 percent and that number is increasing, Donovan said.
Source: The Philadelphia Inquirer, Alan J. Heavens (06/18/2009)
1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.
2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.
3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.
4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.
5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.