{"id":111,"date":"2008-11-08T09:16:11","date_gmt":"2008-11-08T14:16:11","guid":{"rendered":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/?p=111"},"modified":"2013-01-02T13:21:22","modified_gmt":"2013-01-02T18:21:22","slug":"fha-downpayment-alternatives","status":"publish","type":"post","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/fha-downpayment-alternatives\/","title":{"rendered":"FHA Downpayment Alternatives"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" border=\"0\" vspace=\"4\" align=\"left\" width=\"262\" src=\"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2008\/11\/punctual-payment.JPG?resize=262%2C80&#038;ssl=1\" hspace=\"5\" alt=\"Punctual Payment Plan\" height=\"80\" \/><\/p>\n<p>Unless the next Congress makes a major change, Downpayment Assistance Programs are a thing of the past.\u00a0 We have been looking for Alternatives, and found this program that started in May of 2006 by the <strong>Rainy Day Foundation.<\/strong><\/p>\n<p><strong>How does the Punctual Payment Program work?<\/strong><\/p>\n<p>The program is designed to help strengthen &#8220;Loan Borrowing Potential,&#8221; the website says they are providing a &#8220;Worry Free Loan.&#8221;<\/p>\n<p>FHA loans now\u00a0require a 3% down payment, at the beginning of 2009, it goes to 3.5%.\u00a0 If the client does not have the funds for a down payment, FHA allows a gift from &#8220;Family or Friends.&#8221;\u00a0<\/p>\n<p>With the recent economic downturn, Family and Friends might not be willing (or able frankly) to just &#8220;Gift&#8221; the downpayment for a home.<\/p>\n<p>The <strong>Punctual Payment Program<\/strong> allows you to enroll in their re-imbursement program, for a fee of $499, and it\u00a0will repay your\u00a0&#8220;Giftor&#8221; back in 4-6 months.<\/p>\n<p><strong>How the Program Works<\/strong><\/p>\n<ul>\n<li>The Borrower is\u00a0rewarded for On Time Payments.\u00a0<\/li>\n<li>The Seller can contribute up to\u00a03%.<\/li>\n<li>The seller&#8217;s contribution to be reimbursed will go into an Escrow account maintained by the Rainy Day Foundation.<\/li>\n<li>Seller or borrower can pay for the $499 fee (just like Down Payment Assistance Programs of the past)<br \/>\n\u00a0<\/li>\n<\/ul>\n<p><strong>The Advantages of the program<\/strong><\/p>\n<ul>\n<li><strong>1 yr job loss coverage<\/strong> (benefit of $499 fee) &#8211; Event of loss job, coverage will be up to $1,800 per month for up to 6 months.<\/li>\n<li><strong>Pre-Purchase counseling<\/strong><\/li>\n<li><strong>Post-Purchase Counseling<\/strong><\/li>\n<li><strong>Missed Payment Protection<\/strong> &#8211; For as long as the borrower is enrolled the program will pay the loan servicer ANY MISSED payments.<\/li>\n<li><strong>The SELLER can contribute up to 3%!<\/strong><\/li>\n<\/ul>\n<p>One of the reasons Down Payment Assistance Programs &#8220;went away,&#8221; was because HUD said the borrowers were going into default at an alarming rate.\u00a0 With this program, there have been\u00a0ZERO\u00a0payment defaults in the first 12 months of ownership &#8211;<strong> ever! <\/strong><\/p>\n<p>If you are interested in this program, <a href=\"http:\/\/www.activerain.com\/eleanor\" title=\"Steve and Eleanor Thorne Mortgage Lenders\">please call us!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unless the next Congress makes a major change, Downpayment Assistance Programs are a thing of the past.\u00a0 We have been looking for Alternatives, and found this program that started in May of 2006 by the Rainy Day Foundation. How does the Punctual Payment Program work? The program is designed to help strengthen &#8220;Loan Borrowing Potential,&#8221; [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[67,82],"tags":[171,136,350,88,173,172],"yst_prominent_words":[8725,4370,5059,7964,3416,3659,3946,12126,4030,4513],"class_list":{"0":"post-111","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-fha","7":"category-first-time-homebuyer","8":"tag-down-payment-assistance","9":"tag-downpayment-assistance","10":"tag-fha-mortgage-loans","11":"tag-mortgage","12":"tag-nc","13":"tag-no-money-down","14":"entry","15":"has-post-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2NEbf-1N","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":91,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/hr-6694-and-downpayment-assistance\/","url_meta":{"origin":111,"position":0},"title":"HR 6694 and Downpayment Assistance","author":"Eleanor Thorne","date":"September 11, 2008","format":false,"excerpt":"1\/31\/2010 Update - There's still no Downpayment Assistance Program Available in NC. The House Bill 6694, that was suppose to re-confirm Downpayment Assistance (it's gone as of 10\/1\/2008) has made little progress since the summer, and is still sitting in the House Finance Committee.\u00a0 My personal opinion is that this\u2026","rel":"","context":"In &quot;FHA Mortgage Loans&quot;","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/first-time-homebuyer\/downpayment-assistance-possible\/","url_meta":{"origin":111,"position":1},"title":"DownPayment Assistance Possible","author":"Eleanor Thorne","date":"September 17, 2008","format":false,"excerpt":"*****\u00a0 UPDATE******\u00a0 NC Offers a 3% down payment assistance to those who qualify, and can be used with a USDA Home Loan, FHA, Home Loan for a Veteran or a Conventional Loan.\u00a0 (Down Payment Assistance Programs)\u00a0 There are no more DAPs that were part of the HR6694 program described below,\u2026","rel":"","context":"In &quot;First Time Home Buyer&quot;","block_context":{"text":"First Time Home Buyer","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/first-time-homebuyer\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/calculating-downpayment-on-fha\/","url_meta":{"origin":111,"position":2},"title":"Calculating Downpayment on FHA","author":"Eleanor Thorne","date":"September 24, 2008","format":false,"excerpt":"For many years we calculated FHA down payment by way of Acquisition Cost.\u00a0 Now... that's \"out the window.\"\u00a0 With the new \"revisions\" we calculated a \"straight\" 3.5% as reflected in the Mortgagee Letter below: Closing costs:\u00a0 Closing costs may not be used to help meet the minimum 3.5% downpayment requirement.\u2026","rel":"","context":"In &quot;FHA Mortgage Loans&quot;","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2010\/05\/fha-logo.jpg?fit=300%2C306&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1840,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/first-time-homebuyer\/97-mortgage-loan-program-can-get-a-gift-for-the-3-downpayment-in-nc\/","url_meta":{"origin":111,"position":3},"title":"97% Mortgage Loan Program Can Get A Gift For The 3% Downpayment in NC","author":"Eleanor Thorne","date":"January 3, 2023","format":false,"excerpt":"Until recently, borrowers with down payment money representing less than 5% of a property\u2019s purchase price were limited to FHA loans. We now offer a Fannie Mae program that requires only a 3% down payment, and that 3% can be a gift! Unlike USDA Home Loans, you do NOT have\u2026","rel":"","context":"In &quot;First Time Home Buyer&quot;","block_context":{"text":"First Time Home Buyer","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/first-time-homebuyer\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":76,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/more-downpayment-needed-for-fha\/","url_meta":{"origin":111,"position":4},"title":"More Downpayment Needed for FHA","author":"Eleanor Thorne","date":"July 29, 2008","format":false,"excerpt":"SAVE UP! For more than 10 years there have been agencies that helped with downpayment. The downpayment was \"gifted\" through the agency - and it's a bit complicated - but it meant that a homebuyer seeking FHA financing could get a 100% loan. Well, that's been eliminated with the New\u2026","rel":"","context":"In &quot;FHA Mortgage Loans&quot;","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"downpayment got higher","src":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2008\/07\/sandcastle2.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":668,"url":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/want-the-8000-tax-credit-but-no-for-downpayment\/","url_meta":{"origin":111,"position":5},"title":"Want the $8000 Tax Credit But No $ For Downpayment?","author":"Eleanor Thorne","date":"April 26, 2010","format":false,"excerpt":"If you are looking for information on GRANTS to help you with Down Payment\u00a0and the\u00a0MORTGAGE Tax Credits that are STILL AVAILABLE to First Time Home Buyers -->> Look at this information . \u00a0We are keeping the information below on the site for historical reference for those who USED the 2010\u2026","rel":"","context":"In &quot;FHA Mortgage Loans&quot;","block_context":{"text":"FHA Mortgage Loans","link":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/fha\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-content\/uploads\/2010\/04\/thom.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/posts\/111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/comments?post=111"}],"version-history":[{"count":0,"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/posts\/111\/revisions"}],"wp:attachment":[{"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/media?parent=111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/categories?post=111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/tags?post=111"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/pfh.ysh.temporary.site\/website_d1c340c1\/wp-json\/wp\/v2\/yst_prominent_words?post=111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}