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Blog entries tagged with "dpa":
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Not much on the breakfast front, only an almond amaretto cappuccino from Quik Trip. Maybe a good salad for lunch.
This is a comment from a Mortgage Broker "The requirements set forth in the latest mortgagee letter will take place Jan 1, 2009. My reference to October 1, 2008 is that lenders have now stopped doing seller down payment assistance as of Oct 1. Remember, gift money, grants, bonds, charitable contributions … (11 comments)
This is a bit long - but important info none the less!
Happy Veterans Day! I am truly thankful to all those who have served, are serving, and will serve our great country of the United States! We are BLESSED!
GetPrequalified.com is launching the free zone for Down Payment Assistance and First Time Home Buyer programs. Each state is represented. This is one of the most concise websites for down payment and first time home buyer articles. The complete state list will be up by November 15th. Go to GetPrequalified.com for … (0 comments)
As you know, AmeriDream and other Down Payment Assistance (DPA) programs were eliminated October 1, 2008 due to the passage of H.R. 3221. You are probably asking yourself how Congress could eliminate these programs that are so critical to the stabilization of home prices and our economy.
Punctual Payment Program: A Worry Free FHA Loan Reimbursement
Basically, we are what we think, so think big... (Book review by "newchapter")
Traditional down payment assistance is now dead and gone. For years we've all driven by those 100% financing signs. But now lenders and FHA have pulled back from the previous years lending practices and now the landscape has changed. In an earlier article, I mentioned a program for lower income families … (0 comments)
Park Place Title is proud to annouce the first of a multi-part seminar series....
With changes to FHA downpayment laws, finding the money to close a deal is more difficult for buyers than ever before. There are other options however. For example, Ogden City Utah offers a $5,000 down payment program known as "Own in Ogden" buyers who purchase a home within certain city limits … (2 comments)
I am sure you all know that DPA (Down Payment Assistance) programs ( Ameridream & Nehemiah) were canceled as of 10/01/2008. This helped many home buyers get into a home with no money out of their pocket. Approx 40% of all FHA PURCHASE loans used DPA. The DPA could cover either down payment and … (0 comments)
Yes, we can still finance 100% in California
Lots of changes in the industry take place this month…here’s a summary:
For Immediate Release: October 1, 2008CONTACT: Henry Fawell (410) 545-5830CBO report: downpayment assistance could generatenew revenue for U.S. TreasuryAmeriDream urges Congress to preserve DPA to stabilize housing marketGAITHERSBURG, MD - Downpayment assistance programs that expire today could generate sorely-needed revenues for the federal government if Congress preserves them by passing H.R. … (1 comments)
October 1 Virtual Town Hall with Scott Syphax
As many have probably read, heard and encountered good ole FHA will be doing away with DPA (Down Payment Assistance) programs....well not entirely that is! While it is true that the cut off date is Oct. 1st for the current DPA program they are not doing away with it all together. … (0 comments)
I just found out about these two programs as I was in a desperate search for a buyer of mine. They have no money to bring to closing, but need a new home fast. If you haven't heard of these two programs, I encourage you to do your own research with … (0 comments)
When most people talk about first time home buyer programs or home buyer assistance programs they are almost always talking about Down Payment Assistance Programs (DPAs). DPAs have been around for over a decade and have helped hundreds of thousands of families purchase a home who would have otherwise not been … (0 comments)
The LIBOR doubled on Tuesday. The London Inter Bank Offering Rate DOUBLED on Tuesday from 3.10625% to 6.43750%, the highest since April 2001. This was the result of banks seizing up, basically adding a risk premium for lending to each other. Obviously bad news for people with a Libor indexed ARMs. The good news … (0 comments)
I was getting ready to write the latest version of my series, Power Quotes Series, when I came across a post from Carol Smith. Her post was about the "Dreaded DPA" and if it was going to be OK. And this is what got me back to thinking that someone needs … (22 comments)
G-II Varrato out of Maricopa County Arizona compiled this information about the revival of the Down Payment Assistance programs. Please review the information and if you feel the program is a good one, as I do, take advantage of the pre-written letter at the end of it for your Congressman. If you wish … (4 comments)
New rules for FHA loans headed for House vote!
ATTENTION ALL LOCAL REALTORS (South Jersey)
H.R. 6694 is approved by key Congressional Committee 
Well the good news came today that the Senate has passed the new HR bill that will also for Down Payment Assistance Programs like Nehemiah to stay around. There will be more restrictions on the program such as credit scores, which I think there should be, but it's a step in … (4 comments)
START TAKING ADVANTAGE OF THE $7500 TAX CREDIT NOW!!!
With the melt down of Lehman Brothers Holdings Inc., once the fourth-largest investment bank in the US, the buy out of Merrill Lynch by Bank of America, Insurance Giant AIG looking for $40 Billion in "shore up money", and over 117 banks on the FDIC Watch List (source www.cnbc.com), the negative impact to the real … (4 comments)
I received this email below from one of the Down Payment Assitance companies that was encouraging enough to post and share. This means that now more than ever congress needs to hear from us. I'm working on a follow up post for the activerain community that I will send out later today … (1 comments)
A last-ditch effort to head off an Oct. 1 ban on the use of seller-funded down-payment assistance with FHA-backed loans is picking up steam as a compromise bill, that would mend rather than end the practice, gains momentum.
HR 6694, which would allow home builders to continue funneling down-payment assistance through … (1 comments)
By now, everyone, or almost everyone, is aware that the Housing and Economic Recovery Act of 2008 was signed into law by President Bush on July 30th, 2008. The bill was strongly supported by the NATIONAL ASSOCIATION OF REALTORS® (NAR). What many don't know is that NAR did not oppose SEC. … (1 comments)
Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement 
Chairman Barney Frank and HUD Secretary Preston have come to an amicable agreement regarding the continuation and use of Down Payment Assistance Programs.
It appears that industry and government efforts may succeed in bringing back FHA approved seller funded downpayment assistance. Inman News has published information that negotiations are underway to pass HR 6694 before the October 1 deadline. HR 6694 would reinstate seller funded down payment programs, with additional underwriting guidelines.
Pro-Down Payment Assistance (DPA) legislation got a boost from HUD Secretary Steve Preston and Congressman Barney Frank, Chairman of the House Financial Services Committee.
I just got this email from Nehemiah:
Good info to be sure, thanks Jeff. If you are not a subscriber to Jeff's blog, I would highly recommend making that a priority. He spends significant time putting these together and deserves all of our appreciation. Rock-n-roll Jeff.
We need everyone at the Stockton Arena (248 W. Fremont St.) Saturday September 6th (This Saturday) at Noon . (Pretty Please) Congressman Barney Frank, who is one of the most influential people in the Housing Industry in this Nation, will be conducting a field hearing. He was invited by Congressmen … (0 comments)
Impact of Affordable Housing Non-Profits that provide Privately-Funded Down Payment Assistance (DPA)
You have until the end of business on the 17th of September to get your loan submitted with the use of Seller assisted funds. After that it is GONE maybe to be back some day, maybe not but why risk it?
The Florida Housing Finance Corporation (Florida Housing) provides a first mortgage program also known as the mortgage revenue bond(MRB) program to first-time homebuyers (not owned a home in the past 3 years) subject to a few exceptions. If a person uses a Florida Housing first mortgage, they may also qualify for … (9 comments)
This is straight from my local Countrywide lender.
We have a new called law the housing stimulus package designed to help Americans stay in homes and prevent foreclosures.
As we work to close and put under contract the final deals under the current Down Payment Assistance Program, I am left wondering: What happens now?
I urge all my fellow professionals , real estate , mortgage and any home owner to fight the ban on down payment assistance programs like Ameridream that will be banned as of October 1st .
Why should the elimination of Downpayment Assistance Programs with the signing of the Housing and Economic Recovery Act concern YOU?? READ THIS, BECAUSE THERE IS STILL HOPE AFTER OCTOBER 1ST!
I think we could agree that the housing industry is currently in a national... shall we say, "slump", right? And why … (15 comments)
FHA is now running as strong as ever. What had dwindled down to less than 3 percent of the market is now well over 40% of loan fundings in 2008. For all practical purposes FHA is now THE LOAN OF THE NEW MILLENIUM. Alt-A (or alternative doc loans are all but … (16 comments)
… (2 comments)
Speak up if you don't want DPA - Down Payment Assistance to go away on Oct 1, 2008 !
A Buyer with no money down already has very few finance options in which to purchase a home. Now it is going to be even worse! 
Just a few short weeks ago President Bush signed into law legislation that contained a provision to eliminate charitable down payment assistance, effective October 1, 2008.
BUT IT"S NOT TOO LATE...
...The very next day Congress introduced bipartisan legislation H.R.6694 that would reauthorize, reform and save charitable down payment assistance. H.R.6694 … (11 comments)
With all of the news latey about the demise of down down payment assistance I am moved to quote Mark Twain's famous quote "The reports of my death are greatly exaggerated".
Good Saturday Afternoon to all that read this as I post! I wasn't sure what to talk about today as I'm trying to figure out how to discuss current real estate issues without the whole thing coming off like I'm screaming 'the sky is falling!' Because!!! It isn't! What a relief … (5 comments)
Maybe you have heard the news, maybe you have not...Seller funded Down Payment Assistance is scheduled to "exit stage left"on October 1st of this year. Depending on your market, you may think this may not affect you. Guess again. This travesty will continue to effect the downward spiral in the housing market for … (0 comments)
Hi,
Final 40 for Down Payment Assistance (DPA)
Congress in there wisdom has seen fit to bring an end to DPA
Washington has been busy lately. In one of the most rapidly approved bills in memory, the Housing and Economic Recovery Act was passed into law, and could have significant implications on the housing and mortgage industry. While there is a lot to share with you, I wanted to reach out to … (0 comments)
There is NEVER enough to say about the opportunities Down Payment Assistance provides families. On October 1, 2008 allowance for Down Payment Assistance comes to an end. H.R. 6694 was introduced to allow for down payment assistance to continue benefiting buyers and sellers alike. Proponents of removing Down Payment Assistance Programs … (0 comments)
For the past few weeks, many people have blogged and blogged about the Housing Recovery Act President Bush signed in July which would put an end to the Down Payment Assistance Programs. Almost everything I read is about how we should save these programs. Do people understand why it's a good … (35 comments)
This is just a note to all of the loan officers and realtors that are planning on using the down payment assistance program to close your loan for your borrower. The program is ending on October 1st, 2008, which I think everyone should already know. However, there are lenders out there … (3 comments)
A recent question was posed about the alternate forms of "Rent-to-Own" or "Seller Financing" and that got me thinking about several problems buyers face today. First of all, the times always seem to be right for scammers and profiteers to take advantage of those people who are just trying to figure a way into a home … (0 comments)
I am fairly certain that Nehemiah's efforts with DPAgroundswell.org is a final and futile attempt to save "charitable" down payment assistance programs. In a mortgage and real estate market bleeding with risk I find it unlikely the Congress is going to unwind a conscieous risk mitigattion provision in the recently signed … (4 comments)
With the latest Mortgage News Today, it looks like Wells Fargo, Countrywide, Chase, and Bank of America will not longer Origingate any New Mortgages with Down Payment Assistance as of Today.
The support for H.R. 6694 the bill recently introduced to revive seller assisted DPA is growing.Supporters include Jerry Howard, chief executive officer of the National Association of Home Builders, said the association supports HR 6694.
Things are currently changing at a record pace within the mortgage industry. Loan guidelines, programs, and parameters are changing on a weekly basis. Some of the changes have been for the better here in Arizona, but many have been more restrictive to the first time home buyer and real estate investor. … (3 comments)