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down payment assistance: $8000 Tax Credit Used as Down Payment for FTHB - 05/12/09 05:13 PM
The biggest problem that most first time home buyers have is coming up with the down payment. I have posted several times in the past various ways to get the down payment together, but it has still been out of the reach of some people. Now, that could change. The First Time Home Buyer Tax Credit is going to be available for the down payment on FHA loans in the near future, according the the Secretary of HUD.
Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to … (8 comments)
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down payment assistance: 10 Really Good Reasons to be a First Time Home Buyer! - 03/24/09 05:07 PM
Since most First Time Home Buyers are FHA borrowers I posted the answer to what the reasons are in my blog http://FHALoansORegon.com. This information can also be very valuable to anyone considering a VA loan that is a First Time Home Buyer and especially for someone looking to buy using the USDA Rural Guarantee since they have to be a First Time Home Buyer.
I have been asked, why should I become a home owner? I have been renting for 5 years and am perfectly happy with my situation. The short answer to that is, “maybe you shouldn’t.” Not everyone … (13 comments)
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down payment assistance: HUD Neighborhood Stabilization Program to help with financing of foreclosed property down payment - 12/08/08 01:17 PM
HUD's new Neighborhood Stabilization Program is designed to provide emergency assistance to local and state governments, like Eugene and Springfield to acquire and redevelop foreclosed properties. As I stated in a recent blog, Bob Briscoe, Eugene Planning and Development Department, announced to our Town Hall meeting that Eugene had recently received over $600,000 and Springfield over $300,000 under this program. The program is for owner occupied or non profit purchases only. Both cities are currently working on program guidelines that will help in the use of this money, possibly in conjunction with existing programs like the FHA 203k Streamline. Preliminary thoughts about … (11 comments)
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down payment assistance: SHOPping for a home mortgage loan? Down Payment Assistance in Springfield! - 11/17/08 05:05 PM
The City of Springfield administers a program to help low to moderate income purchasers get into their first home. It is called SHOP which stands for Springfield Home Ownership Program. This assistance program was created to encourage home ownership in Springfield by assisting low income residents with their first-time home purchase. The Springfield home ownership program is designed to help first time home buyers with the down payment and closing costs in their purchase. A $10,000 interest free, payment free second mortgage is available for this purpose. The loan is accepted by FHA as a viable method of obtaining down payment … (6 comments)
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down payment assistance: Down Payment Assistance Rescue H.R. 6694 - 09/18/08 09:09 PM
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 to make comments, please go to G-II's blog, after all he did all the work. Thanks for your assistance in reviving this worthwhile program.
Via G-II Varrato II:
By now, everyone, or almost everyone, is aware that the Housing and Economic Recovery Act of 2008 was signed into law by President … (4 comments)
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down payment assistance: The March to Washington D.C. - Taking back Down Payment Assistance Programs - 09/08/08 12:15 PM
Jeff Belonger is an FHA expert in every sense of the word. I am so impressed with this post, but I suggest you go to the original post and read the comments. Many of them will blow you away. This is good information, the comments on the original post, includes great information. Please check it out. Here is the link to the original blog.
Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages :
Well, my mom always said that I should have been a politician. I said mom, I need money and … (4 comments)
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down payment assistance: HAPpy SHOPing, two great programs to help low-moderate income home buyers - 08/04/08 12:34 PM
In the City of Eugene, it is called HAP. In the City of Springfield, it is called SHOP. Both of them are programs to help low to moderate income purchasers get into their first home. The State of Oregon operates a similiar program called PAL for outside of Eugene/Springfield but it is out of money, again. Outside the Eugene/Springfield urban growth boundry, the USDA Farm Home Economic Development loans are available to 100% financing. Eugene HAP, homeowner assistance program, and the Springfield home ownership program, are designed to help first time home buyers with the down payment and closing costs in their purchase. … (6 comments)
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down payment assistance: DOWN PAYMENT ASSISTANCE MAY SURVIVE! - 08/02/08 09:48 AM
I got this e-mail this morning: August 1, 2008
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July … (16 comments)
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down payment assistance: Down Payment Assistance Programs in jeopardy - 07/10/08 02:50 PM
I did an earlier blog on down payment assistance programs (DPA) and how they can be used to help first time homebuyers get into their first home, especially with the tie in to a FHA loan.
HUD has been trying to get rid of these programs for some time and nearly got it done before Nehemiah took them to court and got an injunction stoping the rule from closing down the DPAs. Now, a new rule has come up that will effectively close the DPA loophole.
To stop this for happening, please follow this link to Nehemiah where you can tell … (2 comments)
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down payment assistance: Down Payment Assistance Programs - 06/27/08 02:20 PM
What are DPAs?How do they work?Who is eligible for a DPA?Why use a DPA?These are a few of the questions asked about the down payment assistance (DPA) programs that I get on a regular basis.
What is a DPA? A down payment assistance program is one where a homebuyer can receive a gift amount between one percent and six percent of the final contract purchase price of a home. In addition, the seller of a home donates and equal amount to a non profit origination. There is also a processing fee for the transaction. A few months ago, there were a … (0 comments)
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Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
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Address: 32785 State Route 20, Suite 5, oak Harbor, wa, 98277
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