CCB's branches in coastal Zhejiang province have raised the minimum down-payment
for first-time home buyers to 40 percent from the official minimum of 30 percent required by the banking regulator, and raised the mortgage rates in the region to 1.
At the peak of the market, for example, so-called piggy-back mortgage deals allowed home-buyers to borrow 10 percent or 20 percent of a home's value and use those borrowed monies to meet the down-payment
requirements of their mortgages.
Based on the success of that program with Moinian and in the industry overall, American Express is expanding its program to enable cardmembers to enjoy the convenience and rewards of paying for condominium down-payments
on the American Express[R] Card.
The ruling noted that an organization using seller funding for its down-payment
assistance program does not get taxexempt status because it is not construed to be operating exclusively for charitable purposes.
My recollection is they had other sources of construction money lined up, but now they are requesting to use the $1 million down-payment
money set aside for them for construction costs.
MyCommunityMortgage includes down-payment
options as low as $500 or 1% of the home sales price, more flexibility on credit histories, obligation to income ratios as high as 41% and options that require no cash reserves.
From 2000 to 2004, the total proportion of FHA-insured loans with down-payment
assistance grew from 35 percent to nearly 50 percent.
THE NEHEMIAH CORPORATION OF CALIFOR-nia, Sacramento, California, has announced it has reached a $300 million milestone of down-payment
Federally Insured Plan Offers Down-Payment
Savings Plan For Newlyweds