With the seller/gifting programs gone there are lot of buyers wanting to buy but can't because they need a downpayment.  In the last few weeks, I've been trying to come up with a solution to help buyers come up with their much needed downpayment. With the ever increasing pool of rent to own buyers, I needed to come up with something workable. I pondered that possibly I could donate a portion of my buyers commission to them through some kind of program. After asking how to legally do this (I called and emailed the Tn Real Estate Commission), I was told I could not help them in this way.

Then I put the question out on the web and to different loan officers to see if anyone out there had a solution to the problem.

In a nutshell,my options are HUD,THDA ( http://www.thda.org/ ),USDA Loans for rural properties(USDA loans are 100% but loan limits/financial guidelines are area specific), FHA (if the money is gifted from a relative or an approved gift source).

I am hopeful that my rent to own buyers will get approved by one of these means.  More buyers means diminishing housing inventories,market recovery and happier sellers/buyers. If anyone out there wants to contribute an additional source for downpayments, please post it here as we all need to convert the rent to own buyers to ready to buy now buyers! 

Barbara Maislin
Maislin Realty Group of Reliant Realty
Cell: 615-586-9652 Office:615-859-7150
www.GreatNashvilleAreaHomesForSale.com
BarbaraMaislin@realtracs.com