Have any of you ever heard or dealt with the National Association of Investors and Mortgage Consultants? (NAIMC)
Their website states that they have home buyer grant money for downpayment and closing cost assistance with no income requirement and credit having nothing to do with the decision.
Sounds a little too good to be true.
Anyone know anything about this?
Their website is www.naimc.net
Seller pays the money to a 3rd party non-profit. 3rd party non-profit pays the money to you.
Why wouldn’t the seller just give you the money straight out?
They can’t by law. The third party is a loop hole.
Ah I see. So the seller kind of like “donates” to this non profit organization and then the non profit grants the money out. (to the buyer)
Do you know if it is possible to donate equity?
Probably not, but it’s worth a shot asking.
what do you mean donate equity?
Do you mean, can the seller put the donation on the HUD?
If that’s what you mean then the answer is yes.
I’m not real sure what exactly the HUD is, but what I meant is, as in my situation, where my brother wants “equity gift” 20% of the property’s total value so that I can use that as downpayment collateral, can he donate the equity to this non profit?
Like instead of him actually giving NAIMC $26,000 (which would be 20% of a $121,000 purchase) can he just give me the 20% of the total purchase through an equity gift? So that I am only taking out a loan for $96,800 and coming to the closing table with no downpayment?
As long as the lender will allow it.
Thanks Patrick! You have been a big help answering all my questions.
have a nice weekend.