Some of you may have heard that FHA came out with a new down payment assistance program (besides THDA). That was true, but sadly no longer. Almost as soon as they put it out the powers that be decided that it was going to be abused and they canceled it.
However HUD is working on another plan to change things. The new plan would let approved lenders like MIG provide buyers with the tax credit cash up front so that it could be used for the down payment. This was revealed by Shaun Donovan, HUD secretary in a speech before the National Association of Realtors.
But in the meantime there are still lots of ways to buy a home with no money. Some are VA (you may not know it, but Reservists and Guardsmen can get VA benefits), Rural Housing and FHA/THDA. The FHA THDA option is typically for First time homebuyers (defined as not owning a home in the last three years), but that requirement is waived for Williamson and Sumner Counties. (I believe Rutherford County will be added to that soon.)
I can help. If you or a friend wants help with it, just email me at george.margrave@migonline.com or call 777-HOME (4663).
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