The Nehemiah Program
Founded in 1994, The Nehemiah Program has assisted over 375,000 low- to moderate-income families working with Realtors, builders and lenders nationwide to provide over $1.5 billion in downpayment gift funds.
The Nehemiah Program provided gift funds for downpayment and closing costs to qualified homebuyers using an eligible loan program, such as FHA or a conventional loan that allows gifts from charitable organizations. Gift Funds of 1% to 6% of the final contract sales price were received, depending on the particular needs of the homebuyer.
There were 4 basic program requirements:
- Both the homebuyer and seller must agree to participate in the Nehemiah Program,
- Homebuyer must use an eligible single-family 1-4 unit loan program such as an FHA loan or a conventional loan that allows gifts from charitable organizations,
- Homebuyer must purchase a Nehemiah participating home,
- Homebuyer must be the primary occupant of the property (non-occupant co-borrower(s) may assist primary occupant to qualify for the mortgage).
Read more about this topic: Nehemiah Corporation Of America
Famous quotes containing the words nehemiah and/or program:
“There are those who would build the Temple,
And those who prefer that the Temple should not be built.
In the days of Nehemiah the Prophet
There was no exception to the general rule.”
—T.S. (Thomas Stearns)
“They had their fortunes to make, everything to gain and nothing to lose. They were schooled in and anxious for debates; forcible in argument; reckless and brilliant. For them it was but a short and natural step from swaying juries in courtroom battles over the ownership of land to swaying constituents in contests for office. For the lawyer, oratory was the escalator that could lift a political candidate to higher ground.”
—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)