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Author: Dwdonhoff Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128142  
Subject: SubPrime Buyers... Date: 1/8/2002 1:28 AM
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Hi Fools,

To continue a previous rant in support of SubPrime buyers (and make Catherine feel better as well) I thought I'd drop back in with some info that can be advantageous for the home buyers who don't quite have the cash for a down payment.

From Wells Fargo Wholesale's website for brokers;

Help More Low- and Moderate-Income Borrowers Achieve Home Ownership.

Refer low- and moderate-income borrowers to local agency contacts and help them achieve home ownership by utilizing one of the seven national Down payment Assistance Programs (DAPs) approved by Wells Fargo Wholesale Lending. These approved DAPs provide assistance for qualified borrowers that can be used for down payment and/or closing costs on FHA insured loans. And unlike a loan, homebuyers may not need to repay these DAP funds1.

Wells Fargo Wholesale Lending accepts the following Government DAPs2:
AmeriDream Charity, Inc.: www.ameridreamcharity.org
CHAPA Homebuyer Gift Program: www.chapausa.org
Home Buyers Assistance Foundation Gift Program: www.hbaf.org
Neighborhood Gold / The Buyer's Fund, Inc. Gift Program: www.thebuyersfund.com
Responsible Home Ownership, Inc. Gift Program: www.responsiblehome.com
Also available without Income or Geographic Restrictions:
Nationwide Housing Action Resource Trust Program (HART): www.hartprogram.com
Nehemiah Corporation of California DAP: www.nehemiahprogram.org
Please Note: Borrowers are limited to a maximum 3% DAP assistance amount which may not be used to payoff derogatory credit.

For more information on how to contact the DAP Authorities and/or Wells Fargo Wholesale Lending specific program parameters, click here.

1. Restrictions may apply. Contact the non-profit agency offering the DAP for complete DAP guidelines.
2. Data provided for informational purposes only. All programs are subject to the availability of funds.

See! There CAN be hope after all!

Dave Donhoff
Make-It-Happen Mortgage Fool
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