Posted by Nate(DC) on November 07, 2002 at 14:32:39:
Right, but I was assuming the grant amount was going to be a credit from seller to buyer in any case, so the EXTRA charge to use the DPAP instead of giving it directly would be $1000. Thanks for the clarification, though. I can see how someone who didn’t understand how the program worked would get the impression that the money was free.
NT
Has any one used alphaassistance?? - Posted by Michael_NJ
Posted by Michael_NJ on November 06, 2002 at 21:34:37:
I’m in the process of purchasing a condo. Has anybody used alphaassistance on a purchase of their home/properties?? Please put in your .02 cents on this company.
Re: Has any one used alphaassistance?? - Posted by Nate(DC)
Posted by Nate(DC) on November 06, 2002 at 23:13:25:
As I see it, all of these down payment assistance companies are basically similar. Any one will work as well as any other. Your only concern should be the fees they charge, and since you are the buyer in this case, you pay no fees anyway, so you shouldn’t really care. If you were the seller, you would be concerned about the fees. For that reason you might want to look at Neighborhood Gold (www.neighborhoodgold.com) which caps fees at $1000 no matter what amount is gifted. I have no affiliation with them, just stating facts.
NT
Re: Has any one used alphaassistance?? - Posted by Rod
Posted by Rod on November 07, 2002 at 13:35:11:
That is incorrect, the fee is the grant amount (which can be anywhere from 3-10 percent of the sales price), plus 1 percent or $1,000. So, if the grand is $15,000 that means the total would be $1,000 + $15,000=$16,000. The seller would have to pay out that total amount.