Need Downpayment Assistance to Buy a Home?

Thinking of Buying a home?

Worried about the downpayment?

Do you know where your home purchase downpayment can come from?

According to the Federal Housing Administration(FHA) your downpayment can come from any one of the following:

• Relative
• Employer
• Labor Union
• Charitable Organization
• A governmental agency or public entity

As defined by Federal Housing Administration (FHA):

Federal Housing Administration (FHA) approved mortgagees that seek FHA mortgage insurance on loans secured by single family houses, on which downpayment assistance has been provided to the borrower in the form of gifts, are required to determine that the gifts are from sources acceptable to FHA.

Paragraph 2-10 C of handbook HUD-4155.1 REV-5 provides that the donor of any such gift must be the borrower’s relative, the borrower’s employer or labor union, a charitable organization, a governmental agency or public entity that has a program to provide homeownership assistance to low- and moderate-income families or first-time homebuyers, or a close friend with a clearly defined and documented interest in the borrower. For FHA, charitable organizations are those nonprofits that are exempt from income taxation under section 501(a) of the Internal Revenue Service Code (IRC) of 1986 pursuant to section 501(c)(3) of the IRC.

So, don’t let the challenge of the downpayment limit your ability to invest in a home, check your options. 

Be sure to consult with a Mortgage Lender for further details.

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The Trey Affolter Team always welcomes comments and is available to answer questions about Tacoma Real Estate and the surrounding cities within Pierce County Real Estate, South King County Real Estate, and North Thurston County Real Estate. 

253-222-6000

http://www.TreySellsHouses.com