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
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