Down-Payment Assistance Creates More Eligible Buyers

Meghan Haynes, Assistant Editor
March 1, 2003
Professional Builder

Nehemiah Corp. of California is working with builders to bring homeownership opportunities to more people by offering down-payment assistance.

With its new home builders partnership, Nehemiah gives qualified home buyers gift funds that are repaid (along with any additional processing fees or an assessed percentage of the gift) by the contracted builder as a donation back to the company. In addition to increasing the buyer pool, the company says its system decreases the builder’s marketing time and commitment, increases sales velocity, helps builders avoid the burden of holding a surplus of unsold houses in their inventory and lessens contractual contingencies that can slow purchasing.

Nehemiah offers up to 6% of the contract sales price toward down payment and closing costs.

The company operates nationwide with builders of all sizes. It has gifted home buyers in more than 3,900 cities and partnered with national builders such as Beazer and Lennar and regional builders. It has helped more than 134,000 families in the past five years.

"We're democratizing access to homeownership by expanding horizons for families of modest means while increasing the universe of available buyers for builders," Nehemiah president Scott Syphax says. "A house to a child is like soil for plants - every child deserves to put their roots down somewhere."

For more details, visit www.getdownpayment.com.

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