down payment assistance: Free Money $$ Still Available for Home Buyer Assistance - 05/05/11 10:36 PM
This will be the fourth loan in the last 12 months that I approved using some sort of down payment assistance. Even though seller assisted down payment went away using programs such as Ameridream and Nehemiah, HUD has been allowing buyers to use FHA financing with down payment assistance from a 501(c)(3) nonprofit corporation. Two companies that come to mind that I have worked with now has been Newtown Community Development Corporation Community Land Trust and Desert Mission Neighborhood Renewal. Both nonprofits have certain guidelines that have to be met and will require home-buyer education.
Free Money!!
So far … (3 comments)
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down payment assistance: From a Lenders Perspective: Housing & Economic Recovery Act of 2008: HR-3221: The Housing Bill - 08/07/08 01:32 PM
I just got out of a training class yesterday from the corporate powers to be, and this is the layout of this new housing bill from my point of view.
1. Down Payment Assistance is going away September 30, 2008. Officially the funds will be available for a client who if is in final approval and under contract by September 30, 2008. This time frame is an area of a grey state of mind. Already our correspondent lending channels are interpreting this differently. My opinion is to have a contract and loan closed by 9/30/2008 so you take no chances of losing these … (1 comments)
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down payment assistance: 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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down payment assistance: 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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down payment assistance: 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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down payment assistance: Down Payment Assistance Programs Part 3 of 3 - 09/04/07 03:55 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:
Benefits of using FHA with DPA programs?Benefits of using VA with DPA programs?Benefits of using Conventional with DPA programs?DPA Sample Contract Language
Benefits of using FHA with DPA programs?
NOT a credit score driven loan program. Allows 3% in Seller Concessions for closing costs, and/or prepaid expenses. Sales price limit is now $271,200. Payments usually compute out cheaper than 100% options using … (5 comments)
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down payment assistance: 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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down payment assistance: 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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down payment assistance: 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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down payment assistance: 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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down payment assistance: 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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