What is the Nehemiah program?
A loophole to allow a seller to pay for your down payment
How does it work?
Same way seller concessions work. You can bump the price for the seller to pay your concessions or just negotiate to receive it.
Is it free money?
No.
What are the requirements?
Seller has to agree, and there is a 499 processing fee.
Who offers it?
You will need to see what lender allows it....
Is it taxable?
I think you're allowed to receive 12k gift from anyone per person. So if you're married that would be 24k. If they're married it would be another 24k. You would need to ask your CPA if the same rules apply to gift funds at closing to regular gift funds.
Quote:
Originally Posted by solanoMan
What is the Nehemiah program? How does it work? Is it free money? What are the requirements? Who offers it? Is it taxable?
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