FHA loan PreApproved with Nehemiah DPA?

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I have prequalified and am preapproved for an FHA loan. But I’m not sure I should continue working with the Real Estate Agent that originally sent our name to the mortgage broker.
A couple things she said made me feel like she is not current on the Nehemiah process and seems to consider the program as a knock on our search. She is making it seem like we are not going to be able to negotiate. We haven’t even met her in person, we are supposed to meet to look at two houses tomorrow. Should we look for a different agent. I am in Seattle and am looking on the low end for pricing, but it is a buyers market in Seattle right now also. Any advice or good agents to use that are familiar with the first time home buyer using Nehemiah would greatly appreciated.
OK nothing has been signed with the agent. I will give her the chance tomorrow to prove to us that she does have our best interests at heart also. Since she did the work, but I will not sign something with her tomorrow if I feel that she may not represent our best interests. NDPA is only a gifting program, as far as I have understood it. The seller does put up the money for the 3% down, but it gets added right back into the loan so their only cost is the $ 500 fee unless I’m missing something…
Now I don’t know what to do. I met with her and my husband likes her, but I don’t. She has said we shouldn’t look at short sales, should offer the price if we are asking for NDPA, and she was kinda crude and offensive, (talked about things inappropriate) How do I get my husband to look at someone else.

  1. Reply
    April 29, 2011 at 11:24 pm

    Amy as a Realtor – that is part of my service to my buyers, setting them up to be able take advantage of services to help them buy a home. If you are feeling uncomfortable with your agent already, I suggest giving her/him a second chance, by going ahead with the showings. If at the end of the day you are still feeling the same way, I would simply explain that you are going do some more homework before continuing. Shake hands and part ways. If they insist on knowing if something is wrong, simple say you’ve decided to do your search in another manner. You don’t have to go into a full explanation or hurt their feelings.

    I would visit some open houses in the area you like. Talk with each agent, when you find one you are comfortable with, as them to help you. Or select another company and walk into their office and ask for the broker. We’re all pretty hungry right now and I’m sure you will find someone you like to work with. Happy Shopping! And Thanks for being in the market for a home!

  2. Reply
    April 29, 2011 at 11:53 pm

    Hi Amy,

    Well please understand that you are asking a seller to give some money (1%-6% of the final purchase price + processing fee) back to the Nehemiah Corp in order for you to recieve the downpayment gift.

    This might turn away some sellers.

    Meet with your agent and if your not happy let them know why and go from there.

    Good luck!

  3. Reply
    April 30, 2011 at 12:15 am

    if you check the cities site that you are looking in, they should have first time buyers info, including loan officers that work specifically with those programs. Oh, it’s your real estate agent. Well, I wouldn’t work with someone you already are having problems with. Ask your mortgage broker to recommend HIS favorite real estate agent to work with. Your real estate agent should be a “can do” kind of person, not a nay-sayer!
    GOOD LUCK! You can totally do this!

  4. Reply
    Jim P
    April 30, 2011 at 1:02 am

    Have you signed an agents contract with her? If so, you have to continue working with her for now. You can let her go only if she does not serve your interests. That is what she must or should do if or if not you have signed a contract. This is a tough call and keep in mind your knowledge of real estate means a lot. I would not stop working with her yet. Why?? She did get you hooked-up with the mortgage company and she did help get you pre-approved. These agents work hard and get paid nothing unless they sell you a house. She deserves another chance in my opinion. That chance would be you set-down with her face-to-face and let her know your feelings before you ever go look at these two houses. If she is willing to work for YOU and give you her services fully and make offers that you suggest then she will servev you well. Remember you the boss, but her being the agent is valuable too so listen to her opinions, too. As far as what she knows about this FHA program there are a lot of programs out there for financing. Changes daily, a real estate agent may not know all about that area, that is the expertise of the mortgage company. I am a broke in Kenucky and that is what I think.

  5. Reply
    Etta P
    April 30, 2011 at 1:08 am

    I really think you have answered your question. Your gut is telling you that maybe, just maybe she thinks of you in some way less than a home buyer not using using the Nehemiah DPA. That is just unacceptable!
    In today’s market, buyers rule at the moment. You will not pay more than the house is worth regardless of what the asking price is or what DPA you may or may not be getting. There is an addendum to every FHA contract that the sellers must sign that states this and that they will return earnest money deposit if the property does not meet FHA requirements. The property will subject to strict inspections to insure (as best possible) that you, the person taking out the loan, is not getting a property that is top heavy with repairs. FHA recognizes that their borrowers are not rich, they want home buyers to realize the American Dream. The website below will provide additional information from HUD to assist home buyers.
    Find another Realtor and go an FHA approved lender to deal with directly to avoid mis-communications with regards to the Nehemiah program. FHA’s website also has FAQ for this program that you may find helpful.

  6. Reply
    Dawni Do Right
    April 30, 2011 at 1:22 am

    I agree it’s a buyer’s market here now. I’m about 20 miles North in Everett.

    If you make any offers at or near full price, you stand a fairly good chance of any seller accepting your NDPA financing, even if you are asking for the maximum 6% gift funds. It’s just that slow here. Worst case, the seller may counter offer to add 3% to the price, but you don’t know until you make an offer.

    We just received an offer on one of our new construction condo listings over the weekend with this type of financing. It’s certainly making a comeback. Some agents are not familiar with it, but they can learn along the way.

    Trust your judgement. If you really don’t feel this agent will best represent you or she is too negative, call & make your appologies and find someone else.

    If you need help, holler to RodKoon@JohnLscott.com
    We’re pretty hungry too & you get 3 of us for no additional cost, lol…

    With the Nehemiah & AmeriDream DPA, the “gift funds” (down payment assistance & the fee) come from the seller & the seller makes that much less.

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