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GatorInSC
59 Posts |
 Posted - 05/14/2008 : 05:28:21 AM
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Will DPAs pay for prepaids and closing costs as well as the 3% down payment? Or just the down payment? Thanks.
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clarenceworley
4231 Posts |
Posted - 05/14/2008 : 05:52:08 AM
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| I think just the downpayment. You can get a separate seller assist for prepays/closing costs. |
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kellamtom
633 Posts |
Posted - 05/14/2008 : 05:56:39 AM
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| each dpa program has it's limit, (nee-uh-mi-a) will contribute up to 6% toward dp or c/c, others out thr will contribute more, fha allows for gift funds from family or non-profit. 100% is fha w/dpa, i've found that when borrowers is buying a reo some sellers won't participate, when client buys a hud foreclosure limit is 3% toward cc and they will not participate in dpa program, gift funds must come from grant funds available. |
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calspach
343 Posts |
Posted - 05/14/2008 : 06:04:51 AM
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| I use ameridream all of the time. 3% goes towards downpayment and up to 7% can be used for closing costs. I used to think it was a max of 3% but if you go to the amridream site it tells you max 10%... |
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kellamtom
633 Posts |
Posted - 05/14/2008 : 06:05:26 AM
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Gift funds up to 6% of the final contract sales towards your downpayment and/or closing costs
Gift funds for both first time and repeat homebuyers
(Nehemiah charges a nominal processing fee that may be paid by the seller, homebuyer, or lender.)
Gift funds for both new construction and resale homes
No repayment of gift money
No income or asset limits
No geographical restrictions
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ehm3
979 Posts |
Posted - 05/14/2008 : 06:58:59 AM
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| DPA gift funds are counted as the buyers own money and can be used for down payment as well as any allowable closing costs. |
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