Fair to introduce potential buyers to loan program

REAL ESTATE WATCH

June 04, 2000

The national Nehemiah Homebuyers Fair will be held at the Baltimore Convention Center Saturday from 11 a.m. to 4 p.m. The fair will introduce potential homebuyers to the Nehemiah Program, which provides qualified borrowers with up to 3 percent of the purchase price of a home, up to $5,400, to cover upfront costs.

The program, administered by a Sacramento, Calif.-based nonprofit, Nehemiah Progressive Housing Development Corp., matches buyers with sellers who may be having difficulty selling their home. The sellers agree to make a tax-deductible donation of 4 percent of the sale price of their home to Nehemiah. After keeping 1 percent to cover administrative costs, Nehemiah passes the remainder of that money to the buyer to cover the down payment or closing costs.

To qualify for the program, the buyer must have 1 percent of the purchase price in savings or invested in the transaction, qualify for the mortgage under normal Federal Housing Administration guidelines and complete a homeownership counseling course. The fair will provide details on the program, credit counseling and an opportunity to meet local builders, lenders and Realtors.

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