Gig Harbor Real Estate Agents: Limited Gift Funds Now Available to Local Home Buyers

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If you are strapped for cash and just now starting to shop for Gig Harbor real estate or looking for a Gig Harbor real estate agent, you might want to talk with a local agent who facilitates homebuyer access to innovative lending and gift programs that provide homebuyers the means to cover downpayments and closing costs. There are hundreds of Gig Harbor real estate agents to choose from, but this one is knows his way around subsidy programs. Dan Peer, a Gig Harbor real estate agent, services the needs of homebuyers in not only Gig Harbor but the surrounding Kitsap County area.

If you are interested in buying a home but are strapped for cash, you might want to contact Dan Peer, a real estate agent who administers the Nehemiah program for Prudential Canterwood Northwest Real Estate, a local real estate brokerage firm.

“The Nehemiah Program offers home buyers struggling to save enough money to cover a down payment and closing costs the means to take advantage of an unlimited source of gift funds,” says Peer., “And what makes the program particularly attractive is that you do not have to be a first time home buyer to take advantage of it.”

While the program can be used in conjunction with conventional loans, it works best when paired with loans administered by the Federal Housing Administration (FHA) . “FHA’s approval of the program is a bit of good news because its credit underwriting standards are much more liberal than its conventional counterparts,” Dan says.

While conventional lenders typically require at least a 620 median credit score, FHA will make exceptions for credit scores as low 550. In addition, buyers don’t have to have to show that they have large cash reserves to fall back on after closing. “If you have 1% of the contract sales price in a checking, savings, or retirement account, you are pretty much good to go,” Dan says.

For the home buyer who has excellent credit and a solid work history, Dan recommends homebuyers consider two additional programs. The first is a new conventional mortgage product that not only eliminates the requirement to come up with a down payment, it enables the financing of all non-recurring closing costs.

The second, a hybrid program, requires seller participation. Most homes are sold at a price less than list price. Instead of writing up the sales agreement at the discounted price, it is written at full price with the discount credited to the buyer’s closing costs. This enables the home buyer who only has just enough money to cover the downpayment to get a seller’s concession to cover the shortfall.

Home buyers wanting to learn how they can take advantage of these programs can call Dan locally at (253) 851-9199. If you are relocating to the Gig Harbor area you can reach him toll free at (800) 874-7967, visit DanPeer.com or send him an email via the hyperlink appearing in the right hand column.

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