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PRESENTATION OUTLINE

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Title: PowerPoint Presentation Author: Nehemiah Corporation Last modified by: Charra Created Date: 3/21/2003 5:51:19 PM Document presentation format – PowerPoint PPT presentation

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Title: PRESENTATION OUTLINE


1
(No Transcript)
2
PRESENTATION OUTLINE
  • Nehemiah Corporation of America
  • The Nehemiah Program
  • Overview Highlights
  • Homebuyer Requirements
  • Property Types
  • How It Works
  • Advantages of Homeownership
  • Homebuyer Frequently Asked Questions (FAQs)
  • Get Started TODAY for Homebuyers
  • Preparing for Your Mortgage Pre-Approval
  • Recommendations for the Homebuyer

3
NEHEMIAH CORPORATION OF AMERICA
  • Established in 1994
  • Nonprofit 501(c)(3) community development
    corporation
  • Nationwide affordable housing programs
  • The Nehemiah Program
  • National launch in 1997
  • Provides downpayment assistance
  • Other charitable organizations include
  • Nehemiah Community Reinvestment Fund, Inc. (NCRF)
  • Nehemiah Community Foundation, Inc. (NCF)
  • Nehemiah Urban Ministry Initiatives (NUMI)
  • Devoted to assisting individuals and families
    gain access to safe and affordable housing

4
THE NEHEMIAH PROGRAM HISTORY
  • Flagship program
  • Created the downpayment assistance industry
  • Nations largest and most trusted downpayment
    assistance program
  • Over 250,000 individuals and families have become
    homeowners using The Nehemiah Program
  • 1 billion provided in gift funds
  • 60 million generated in charitable and community
    reinvestment activities nationwide

5
THE NEHEMIAH PROGRAM OVERVIEW
  • Exists for one simple purpose
  • Helping People Become Homeowners
  • FREE gift funds up to 6 of the contract sales
    price
  • Downpayment
  • Closing costs

6
THE NEHEMIAH PROGRAM HIGHLIGHTS
  • No repayment of the gift funds
  • First time and repeat homebuyers
  • New or resale homes
  • No geographical restrictions
  • HUD approved

7
HOMEBUYER REQUIREMENTS
  • Homebuyer must utilize a loan product which
  • Accepts a gift for downpayment from a nonprofit
    charitable organization
  • Example FHA insured loans
  • Homebuyer must purchase a home from a
    builder/seller who has made their home eligible
    for purchase by a buyer receiving Nehemiah gift
    funds

8
PROPERTY TYPES
  • Property types include owner-occupied
  • New or resale home
  • Condominium
  • Duplex, triplex or fourplex
  • Townhome
  • Property type must qualify with the loan that the
    homebuyer is using

9
THE NEHEMIAH PROGRAM HOW IT WORKS
  • The Nehemiah Program provides gift funds to
    homebuyers who purchase participating homes using
    an eligible loan product
  • Gift funds are requested by mortgage lenders on
    behalf of qualified homebuyers
  • Nehemiah wires the gift funds prior to closing
  • After the close of sale, the seller contributes
    an amount equal to the homebuyer's gift amount
  • A small processing fee can be paid by either the
    seller, buyer or lender
  • Contributions and fees are reinvested for future
    downpayment gift funds and community development
    programs across the country

10
ADVANTAGES OF HOMEOWNERSHIP
  • Fixed-rate mortgage vs. variable rent
  • Pride of homeownership
  • Increase property value with home improvements
  • Move-up potential
  • Keep up with inflation
  • Community involvement

11
ADVANTAGES OF HOMEOWNERSHIP
  • Build wealth through homeownership
  • Equity
  • Appreciation
  • Tax deductions
  • Mortgage interest
  • Property taxes
  • Closing costs
  • Discount points
  • Origination fees
  • New mortgage (in some states)
  • Check with your lender or tax adviser on these
    items

12
HOMEBUYER FAQS
  • Q. Do I have to pay the money back?
  • No. The Nehemiah Program gifts downpayment and
    closing costs to homebuyer(s). There is no
    repayment of the gift funds.
  • Q. Do I have to purchase a home in a certain
    area?
  • A. No. There are no geographical restrictions.
    You may purchase a Participating Property in any
    area.

13
HOMEBUYER FAQS
  • Q. Can I purchase a new home?
  • Yes. Both new construction and resale homes are
    eligible. In fact, Nehemiah partners with many
    homebuilders across the nation. To view
    Participating Properties, find a new home
    community near you or contact a local real estate
    professional knowledgeable about The Nehemiah
    Program, visit www.getdownpayment.com.
  • Q. Do I have to be a first time homebuyer to use
    The Nehemiah Program?
  • A. No. Both first time and repeat homebuyers are
    eligible to use The Nehemiah Program.

14
HOMEBUYER FAQS
  • Q. Is this a low-income program?
  • No. There are no income limits or asset
    restrictions. No matter what your income, if
    youre using a loan product that allows gift
    funds from a nonprofit organization to purchase a
    home, your lender can request up to 6 of the
    contract sales price for downpayment and closing
    costs on your behalf.
  • Q. What is a Nehemiah Participating Home?
  • A. Any residential property that the seller has
    made or will make eligible for purchase by a
    buyer receiving Nehemiah gift funds. The seller
    agrees to sell their home using The Nehemiah
    Program by signing the Participating Home
    Agreement.

15
HOMEBUYER FAQS
  • Q. Will using downpayment assistance delay when
    I can move into my house?
  • A. No. Gift funds work in conjunction with an
    existing loan product (such as an FHA loan) so
    the process and underwriting are the same. There
    is no reason for this process to be extended. In
    fact, the paperless Online Processing System
    (OPS) allows Nehemiah to process a gift funds
    request on the same day it is received.
    Nehemiah wires the gift amount requested by the
    lender on behalf of the buyer at least 24 hours
    prior to closing.

16
HOMEBUYER FAQS
  • Q. Can I negotiate the sales price before
    telling the seller that I want to use
    downpayment assistance?
  • A. Typically a homebuyer using downpayment
    assistance will purchase a home at market value
    without further negotiations or price
    reductions. This allows the seller to make a
    contributions back to Nehemiah after the close
    of sale and still maintain their desired net
    bottom line.

17
HOMEBUYER FAQS
  • Q. Doesn't the seller basically pay the buyer's
    downpayment?
  • A. No. Under mortgage guidelines, it is
    inappropriate for a seller to contribute money
    towards a downpayment in order for a homebuyer
    to purchase the seller's property. Nehemiah
    wires the money requested on behalf of a
    homebuyer from its pre-existing pool of funds
    and forwards it to the closing/title company.
    Only after the close of sale does Nehemiah
    collect the sellers contribution and a small
    processing fee.

18
GET STARTED TODAY!
  • Homebuyers
  • Work with the industry professional(s) who are
    involved in this homebuyer educational event.
    They are already familiar with The Nehemiah
    Program and have a genuine desire to help you
    become a homeowner.
  • Call Nehemiah Customer Service at 877-634-3642.
    Helpful representatives can answer any questions
    you may have and provide you with referrals to
    real estate professionals, builders and mortgage
    lenders in your area.

19
GET STARTED TODAY!
  • Homebuyers
  • Get pre-approved for a home loan. This step lets
    you know how much house you can afford.
  • Find Your Dream Home! Use a Designated Nehemiah
    Specialist or New Home Builder Partner to find
    your dream home.
  • For more information, visit www.getdownpayment.com

20
PREPARING FOR YOU MORTGAGE PRE-APPROVAL
  • In preparation for your pre-approval, have the
    following information (where applicable) on hand
    when talking to your lender
  • Last 2 years W-2s and tax returns
  • Recent paycheck stubs (30 days)
  • Last 3 months bank, stock and asset statements
  • Last 12 cancelled rent or mortgage payment
    checks
  • Picture I.D.

21
PREPARING FOR YOU MORTGAGE PRE-APPROVAL
  • Self-Employed
  • Last 2 years of completed personal and business
    tax forms
  • Year-to-date profit loss and financial
    statements
  • Veterans
  • Certificate of Eligibility
  • DD214 (if certificate is not available)

22
RECOMMENDATIONS FOR HOMEBUYERS
  • Free Nehemiah Online Homeownership Education
    Course
  • English language http//www.getdownpayment.com/bu
    yers/hec.asp
  • Spanish language http//www.pagoinicialgratis.com
    /buyers/hec.asp?tab1
  • Home Inspections
  • Impartial evaluations that provide homebuyers
    with information about the propertys overall
    condition

23
RECOMMENDATIONS FOR HOMEBUYERS
  • Free Nehemiah Online Post-Homeownership Education
    Course
  • English language http//www.getdownpayment.com/bu
    yers/posthec.asp?tab1
  • Spanish language http//www.pagoinicialgratis.com
    /buyers/posthec.asp?tab1
  • The New Homeowners Handbook. What To Do After
    You Move In, written by Nehemiah Corporation with
    Barbara B. Buchholz and Margaret Crane
  • Comprehensive look at what new homeowners can
    expect
  • Available online at www.amazon.com
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