Great News! The new FHA top loan amount for a 1 Unit property is $316,250 starting March 17th, 2008.
The seller can pay up to 6% of Closing Costs and Prepaid items, but no more than the actually Closing Costs and Pre-paids on the HUD. Also, the Ameridream and Nehemiah programs are still available for down payment assistance to the buyer. The Ameridream and Nehemiah programs allow for the seller to contribute 3% to the buyer for their down payment.
If the seller will agree to the Ameridream/Nehemiah program and be willing to pay the buyer's closing costs and pre-paid items, then the buyer could potential close on the property with ZERO dollars out of their pockets
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