Ms. Sally Firth has worked as a design engineer since graduating from North Cent
ID: 1185335 • Letter: M
Question
Ms. Sally Firth has worked as a design engineer since graduating from North Central State. She has shifted jobs twice, and she expects to shift again in the near future. All of these jobs are in the same area where she has decided she wants to live for at least the next five years. Thus, she is ready to buy herself a small home and move out of her rented apartment. Ms. Firth has found a home she likes, and she believes that she should buy it before she changes jobs. If she waits to buy, some financial institutions may down rate her due to a short of time on the job in spite of the salary increase she expects. She knows she could get a mortgage, but difficulties in qualifying might restrict her choice of home. This really concerns her because the home she wants to buy will cost about $96,500 plus closing costs. In fact, the current owner has accepted her offer and given her six weeks to finalize the financing and arrange for closing. He also provided details on the upkeep costs of the house, which she included in her budgeting. She has set aside about $7500 for a down payment, and she has budgeted for a monthly payment of $900. She expects that her salary will increase about 5% per year in real terms, but she would like to use that increase forExplanation / Answer
The Nehemiah Program has helped over a quarter of a million Americans purchase homes. Unlike some down payment assistance programs, Nehemiah offers down payment help to anyone who qualifies for an approved FHA loan. There are no limits on income or assets, but buyers must have an FHA loan or be pre-approved for an FHA mortgage. The Nehemiah program offers:
As with most down payment assistance programs, these funds are not available for "second mortgage" or home equity loans; Nehemiah is intended to help people buy a new home. The process for applying for Nehemiah is similar to most other down payment assistance programs:
Down payment assistance programs generally require the seller to pay a fee to participate. This fee is considered a payment for services rendered and not a tax-deductible charitable contribution.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.