Homes in Walnut Creek and the 680 corridor have been excluded from Federal and State grants for years. The purchase price and loan amounts were always too high. The federal stimulus package continues to assist people who have the income to support the monthly mortgage payments to live in Walnut Creek and central Contra Costa County. And here’s how.
The Nehemiah Program has been around for decades it has helped over a quarter of a million Americans purchase homes. Unlike some down payment assistance programs, Nehemiah offers down payment help to anyone who qualifies for an approved FHA loan. There are no limits on income or assets, but buyers must have an FHA loan or be pre-approved for an FHA mortgage.
Nehemiah will allow up to 6% of the final contract sales price for down payment and/or closing costs. It’s available for first-time and repeat homebuyers. You can use it for new construction and resale homes, with no geographical restrictions.
This means a FHA loan up to a $750,000 loan amount with a supporting Nehemiah grant to cover the down payment. I’m sure certain restrictions are attache to this product, but if you want to buy a Walnut Creek home with nothing down, this may be one fo the ways to do it.