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October 7th, 2008 1:37 PM by David W. Welch
I just went to a short seminar by Jack Gritter and Chip Gregory with Trinity Mortgage about a bond program in which they participate. This is for first time home buyers. Basically, a first time home buyer is someone who has not owned a home for the last three years. There are some exceptions to that, so call with your specific situation. This program offers up to $10,000 for down payment assistance and/or closing costs, based upon income and you must still qualify for the mortgage. It is designed to work with FHA, but there may be opportunities to use it with conventional 90% financing. The great part about this program is that there are no payments or interest charges. If you stay in the home for the full 30 years, you don't even pay it back. If you have to sell and the market has gone down, the $10,000 is forgiven. You don't pay it back unless you refinance, sell, or move out of the property.
If you were trying to use Nehemiah or Ameridreams, this can still get you into a home with virtually no money down. Contact me today for more information. You can apply online with Chip or Jack by going to www.DavidWelch.com/industrylinks and clicking on Trinity Mortgage near the top of the page. Get qualified with them, then contact me, so I can help you find that first home.
www.DavidWelch.com, Orlando Real Estate Blog