PRESENTATION OUTLINE Nehemiah Corporation of America The Nehemiah Program Overview & Highlights Homebuyer Requirements Property Types How It Works Advantages of Homeownership Homebuyer Frequently Asked Questions (FAQs) Get Started TODAY for Homebuyers
Helping People Become Homeowners
Q. Do I have to pay the money back?
Q. Do I have to purchase a home in a certain area?
A. No. There are no geographical restrictions. You may purchase a Participating Property in any area.
Q. Can I purchase a new home?
Q. Do I have to be a first time homebuyer to use The Nehemiah Program?
A. No. Both first time and repeat homebuyers are eligible to use The Nehemiah Program.
Q. Is this a low-income program?
Q. What is a “Nehemiah Participating Home”?
A. Any residential property that the seller has made or will make eligible for purchase by a buyer receiving Nehemiah gift funds. The seller agrees to sell their home using The Nehemiah Program by signing the Participating Home Agreement.
Q. Will using downpayment assistance delay when I can move into my house?
A. No. Gift funds work in conjunction with an existing loan product (such as an FHA loan) so the process and underwriting are the same. There is no reason for this process to be extended. In fact, the paperless Online Processing System (OPS®) allows Nehemiah to process a gift funds request on the same day it is received. Nehemiah wires the gift amount requested by the lender on behalf of the buyer at least 24 hours prior to closing.
Q. Can I negotiate the sales price before telling the seller that I want to use downpayment assistance?
A. Typically a homebuyer using downpayment assistance will purchase a home at market value without further negotiations or price reductions. This allows the seller to make a contributions back to Nehemiah after the close of sale and still maintain their desired net bottom line.
Q. Doesn't the seller basically pay the buyer's downpayment?
A. No. Under mortgage guidelines, it is inappropriate for a seller to contribute money towards a downpayment in order for a homebuyer to purchase the seller's property. Nehemiah wires the money requested on behalf of a homebuyer from its pre-existing pool of funds and forwards it to the closing/title company. Only after the close of sale does Nehemiah collect the seller’s contribution and a small processing fee.