ameridream: 62 Days Until Down Payment Assistance Goes Away - 07/30/08 06:25 PM
Well,
I was hoping to never have to write this post. Today President Bush signed into law: The Housing Bill
which has now done away with down payment assistance programs such as Ameridream and Nehemiah.
If you agree or disagree with the politics behind the bill, it does not change the fact that this program will be gone for good on September 30, 2008.
What does this means to the folks out there that are trying to buy your first home? Well it means if you need this assistance for down payment you need to act quickly. Most lenders are … (15 comments)
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ameridream: Well, I did not expect to get this type of response: WOW! - 07/24/08 06:05 PM
Recently I sent an email to my congressional district representative to let him know I support Down Payment Assistance Programs such as Ameridream. DPA is about to be gone and I think our politicians have little knowledge of the overall effect on our local real estate economy. In just the last 12 months, I have used Ameridream an average of once of month. Now these buyers will have to wait a much longer period of time to enter the buying market.
Anyhow,
Here is Mr. Mitchell's response.
I do not think this guy has any real idea on what he voted … (34 comments)
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ameridream: Tempe Mortgage Lender for First Time Homebuyers - 05/24/08 03:36 AM
Are you looking to buy your first home, but do not understand the process? Are you needing funds for down payment assistance? Were you turned down by other lenders who do NOT specialize in these types of loan programs? Well look no further, you have come to the right person to help you. I have over 14 years experience in the Real Estate and Mortgage Services Industry. The purchase of your first home will be one of the largest investments you will ever make. You will need a plan and guidance along the course of that long term investment. I am the Trusted Advisor that … (0 comments)
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ameridream: What are the Best Mortgage Products for First Time Home-buyers in 2008 - 02/27/08 08:52 PM
So we just had the Oscars and if Hollywood can put together a list of awards for their industry, then I thought I would run down a list of mortgage products that I feel are best for First Time Home-buyers in 2008.
And the Winners Are?
FHA Mortgages: This is a great product for most clients buying in my market here in Maricopa County Arizona. With prices coming down, you can buy a lot of a home in the loan limits. Here are the highlights of this great product.
FHA does NOT fall under the declining market value problem such as conforming loans. What this means … (7 comments)
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ameridream: Arizona Identified as a Declining Market: 5% More Down Payment Required - 01/25/08 12:39 PM
Attention Realtors and Home-buyers in Arizona: We are in a market identified by Fannie Mae and Freddie Mac to be a moderate declining market.
This is not the first time I wrote about this issue:Arizona Identified as a Declining Market: Appraisal Reviews Required, but because I am having more people contact me about this lately, I thought I would elaborate further. Also, I found some other interesting blog posts who covered this exact topic and thought I would share their viewpoint. Declining Market Values " Oh My, Oh My"! Effective Today Fannie Mae's Declining Markets Reinstated Guideline Takes Effect Declining Market Values-a lenders … (4 comments)
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ameridream: Arizona Identified as a Declining Market: Appraisal Reviews Required - 11/14/07 12:55 AM
Attention Realtors in Arizona: We are in a market identified by Fannie Mae to be a declining market. Tom Burris wrote a great post a couple of months back warning all about this: Attention Realtors in Declining Markets!!!
Well this is real and let me elaborate more upon what Tom stated in his post. I have 6 loan files that are closing this month, and already I have had 2 of them require an appraisal review. An appraisal review is when the appraisal completed is reviewed by the underwriter and they decide to get a 2nd opinion on value. Yes, this usually requires … (10 comments)
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ameridream: Mesa, Arizona: First Time Homebuyer Workshop and Complimentary Dinner - 11/08/07 06:31 PM
Special Dinner Invitation
Free first time home buyer workshop, plus a complimentary dinner at Matta's Mexican Restaurant 932 E. Main St. Mesa, AZ 85203. The workshop will teach you how to buy your First Home.
This event will be held on November 15, 2007 at 7:00P.M.
Topics Covered:
How to get into a home with little or no money down.Why Right Now is the perfect time to Buy.How to choose the right mortgage.Home much of a home can I afford?Supply vs. Demand.Also learn about our VIP Buyer Program and get complimentary access to listings.
Seating will by limited so call to reserve your place today. Please … (2 comments)
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ameridream: Another Update about the Ameridream DPA Program - 10/19/07 08:06 PM
I have been trying to keep everyone updated on what is going on with Ameridream, and just got another update from them today. They have asked for me to share with as many people as possible. I am a big supporter of DPA's and feel they do have a viable market for their services for certain homebuyers.
At the request of AmeriDream, HUD has voluntarily agreed today that the HUD rule banning seller-funded down payment assistance will not be effective with respect to AmeriDream until February 29, 2008. HUD will recognize all applications that have a signed sales contract prior to the … (2 comments)
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ameridream: Another Update about the Ameridream DPA Program - 10/15/07 02:41 PM
I have been trying to keep everyone updated on what is going on with Ameridream, and just got another update from them today. They have asked for me to share with as many people as possible. I am a big supporter of DPA's and feel they do have a viable market for their services for certain homebuyers.
Attached is a letter from the President of Ameridream.
Dear Friends and Colleagues:AmeriDream is alive, well and still "Doing things right for America's homebuyers."Despite overwhelming opposition from the public and Congress, on October 1, 2007, HUD issued its regulation entitled "Standards for Mortgagor's Investment in Mortgaged … (2 comments)
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ameridream: An Update from Ameridream as a Viable Down Payment Assistance Program - 10/09/07 06:08 PM
I do not usually like to do like to continue a discussion from another post, but I have been getting so many calls myself about if Ameridream will be in existence at the end of the month, that I thought I would share what I have gathered from Ameridream themselves.
First of all, there has been some great posts that have already covered this topic, and I would not feel right talking further without referencing these other posts.
Jeff Belonger has a great post about this recent challenge: HUD / Down Payment Assistance programs -- DPA & Nehemiah -- Alive for a while.... … (4 comments)
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ameridream: Ameridream Sign Riders and Marketing Your Listings - 09/10/07 10:57 AM
As a lender, there is not a week that goes by without me talking with my real estate partners. I have set up some great relationships in the last 2 years. We end up talking on everything from the current market conditions, lender policies, to marketing strategies.
One of the marketing topic I have brought up to them and thought I would share with the AR community is the use of sign riders to help their phone ring.
My favorite sign rider is the Ameridream Down Payment Assistance Sign Rider. If you are taking listings that are under the FHA loan limits, then here is another … (1 comments)
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ameridream: Down Payment Assistance Programs Part 2 of 3 - 08/28/07 02:12 PM
This is a series based on a class I offer to real estate agents. If you have any buyers who have little or zero down payment, this is a way to help.
Here are the topics that will be covered in this issue:
Are there any restrictions?
Most common Down Payment Assistant Programs.
Does the buyer have to use these specific DPA programs?
Who funds the DPA Programs?
What loan programs work with DPA programs.
Are there any restrictions?
YES
Each DPA program has guidelines that need to be met. Also, the lender guidelines for each program must be met as well.
Most common Down Payment Assistant Prorgams.
Ameridream: http://www.ameridream.org/ The … (1 comments)
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ameridream: Down Payment Assistance Programs Part 1 of 3 - 08/24/07 01:13 PM
This is a series based on a class I offer to real estate agents. If you have any buyers who have little or zero down payment, this is a way to help.
Here are the topics that will be covered in this issue.
Introduction: Mission Statement What is Down Payment Assistance?What are Down Payment Assistance Programs?Who is Eligible for Down Payment Assistance Programs?
Introduction: Mission Statement
Educate the Real Estate Community on the use of down payment assistance programs, to help make the dream of homeownership possible for more families.
What is Down Payment Assistance?
Any funds given in the form of a gift to a … (2 comments)
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ameridream: Home in 5 Bond Program VS. Ameridream DPA, Maricopa, Arizona - 08/17/07 12:57 AM
Here are 2 ways I help put more homeowners into homes.
VS
The home in 5 is a great program. Its a bond issued through the county. It gives the buyer 5% towards downpayment and/or closing costs.
Pros:
5% to be used toward buyers closing costs/prepaidNo Seller Contributions are necessaryLender has flexible loan programs to choose fromCons:
The initial 5% (silent 2nd) needs to be repaid if the home is sold in the first 10 yearsThe bond rate is set at the time of the issue of the bondThe program is income restrictiive For more information on home in 5 visit: www.phoenixida.com
Ameridream is a down … (6 comments)
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ameridream: The Key to Success in this Business is the Relationships We Develop - 08/12/07 09:33 PM
I would not consider myself a business coach in any manner, but in todays market when I talk to realtors, lender collegues and others, the one question always gets asked.
What are you doing to develop stronger business relationships with your clients, lenders and other business partners?
I have always tried to develop long term relationships with people and I am seeing the benefit of doing this paying off in my business now then ever before.
Good relationships with key people can be the difference between a little success and a lot of success.
Fast forward to this last Friday. I get a call from a … (7 comments)
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ameridream: Alternative Housing Mobile Homes - 08/03/07 10:21 AM
I get quite a few calls these days from buyers who can afford very little in the form of a payment and these buyers are looking for alternatives.
In comes the manufactured home. A chance for a buyer to own something they can call home. In the past, I used to dread getting the calls because there are so many lenders who will not finance these properties. My attitude in the last year, has changed. I now try to go out of my way to help these folks for a couple of different reasons.
1. The clients are very loyal and … (2 comments)
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