As many of us know, the 2009 Stimulus packageis about to be approved. Let's clear the air on this issue though. The new bill has not been approved as of yet, only that there is tentative agreement in the Senate. I am reading too many blogs stating that this stimulus package has been approved. It still needs the Senate's final vote for approval, likely reconciliation with the House Bill, and … (88 comments)
Nehemiah Corporation is putting together a town hall meeting in regards to the seller-funded down payment assistance (DPA's) reform act of 2009 that introduces bill H.R. 600. This bill is last years version of H.R. 6694 and is being backed by Senator AL Green (D - TX).
If many have been following the news and my blogs since August 2008, you will understand that there has been very strong support for this bill. Right before the deadline last year, many members of congress came to an agreement and asked for certain things to be implemented. Such … (14 comments)
As many of us know, there are tens of thousands of homes available and vacant due to the foreclosure crisis. As of October 1, 2008, the seller-financed downpayment programs were eliminated with no real answer if they would ever return. I have been in touch with a few people over at Nehemiah from time to time. Well, … (24 comments)
nehemiah: Down Payment Assistance Programs might be Alive & kicking??
- 09/09/08 05:37 PM
Well, maybe your voice has been heard. Maybe it was the shot heard around the world. As news broke earlier today, in which there has been speculation that bill HR 3221, the "Housing and Economic Recovery Act of 2008, would be overturned, bill HR 6694 made strides today. There are good signs stating that the down payment assistance programs, such as Nehemiah, AmeriDream, Genesis, and so many others, will be voted back in. It's not a done deal as of yet, but with the strong support from Congressman Barney Frank, who is the chairman of the House Financial Services Committee, has some promises on … (28 comments)
Well, my mom always said that I should have been a politician. I said mom, I need money and I need to stretch the truth. So I turned the other way and now I am a loan officer of 16 years. I love every minute of it and...okay, most days... But I soooo love helping people and helping people to experience the American Dream !!! And now??? I want to play with the big boys. Wait, what is this Jeff character talking about? Do you know that congress and HUD have turned down the down payment assistance programs? Yes, … (69 comments)
nehemiah: Nehemiah - Countrywide & Wells Fargo.... what do they have in common?
- 08/26/08 09:23 AM
What a topic of discussion in the past 30 days....... The DOWN PAYMENT ASSISTANCE PROGRAMS !!!!!! For many of you, you have until September 30th to have a lender actually underwrite your loan and sign off on the MCAW. For those that don't understand, stop listening to the rumors that the Down payment assistance programs, such as Nehehmiah, Ameri Dream, & a few others, are done after August 29th. That date has been mentioned because Countrywide and Wells Fargo have told their loan officers that they can't accept any loans after August 29th. That is a whole month prior to the … (21 comments)
nehemiah: Down Payment Assistance Programs - Nehemiah, AmeriDream & others.. is there still hope?
- 08/13/08 04:26 PM
Down Payment Assistance Programs - To include Nehemiah programs, AmeriDream programs, and many others, have been labeled to be finished as of October 1, 2008 by Congress. In this post, I wrote about the reasons and perceptions to why HUD and the government feel that they need to ban these types of programs. Please read : Nehemiah & Down Payment Assistance programs done? Is this true? - Urgent Urgent - What has happened since Congress voted to ban these down payment assistance programs, 4 individuals in Congress have turned around and enacted a new bill, H.R. 6694, which would allow the … (13 comments)
Do you think the mortgage and real industry as a whole has been bad in the last 2 years? What about the last 6 months? Yes, people are still buying and I am busier this year than last year. Part of the reason is because some lenders are dropping the ball at the end and I am picking up the pieces. But this post is not about that. If you were shaking before, wait until a few months from now. Down Payment Assistance Programs are now dead in the water....but maybe not. Read more.... The Senate’s decision to … (19 comments)
nehemiah: Creative FHA loans — No Money out of pocket
- 05/04/08 01:59 AM
FHA loans are becoming a vital part of todays financing when it comes to buying a new home or refinancing. You will still hear from some lenders or realtors that FHA financing is not the way to go. Here are some reasons why and the rumors mentioned : They are old school and dont know about the new appraisal changes that have taken place in the last 5 years. Truth : FHA appraisals are now done the same way as conventional appraisals. The lender is not FHA approved or understands how FHA mortgages work. Some loan officers advertise FHA loans as 100% … (9 comments)
nehemiah: FHA mortgages are not just for First Time Homebuyers.......
- 04/26/08 11:12 AM
FHA mortgages are not as complex as many make them out to be. They are not the next subprime mortgages. FHA loans have been around since 1934, while subprime mortgages started to come into full force back in 1994. Lastly, just because someone said that they can qualify you for a conventional loan and that it would be cheaper than a FHA mortgage, might not always be correct.
What else should you know about FHA mortgages? If you put 10% or less down and your credit scores are less than 680, 99% of the time, your payment … (8 comments)
nehemiah: FHA mortgages -- Why are so many consumers having approval issues???
- 04/17/08 07:55 AM
Is your current lender giving you the run-around? Have you been told that you should have the approval or the commitment letter any day now? And it's been 7 to 12 days now. Was this the same lender that told you 30 days ago, that they could get your loan done and now they are asking for more information? All of the questions above should be a large concern on your part, if you have applied with another lender and some of these sound familiar. I have been doing mortgages for 15 1/2 years now and I never said that … (21 comments)
May your loan be a FHA mortgage or a Conventional mortgage, I am finding many loan officers not prepping their clients with knowledge. I have been in the mortgage industry for over 15 1/2 years now and for some reason it seems like it has been sloppier on the loan officers side of things when speaking to the consumer. CONSUMER ..... please pay attention to some of my concerns, it might save you headaches and heartache in the future. # 1 concern...... When you are pre-qualified or approved by a lender, don't go out and buy anything new. The loan … (13 comments)
Okay, the stimulus package has been approved. The President signed the Stimulus Package about a week ago. Part of this bill included HR 5140, which talks about the new FHA loan limits. The FHA loan limits are suppose to hit a ceiling of $729,750, but when will this go into effect? There were some rumors that it would not be until around mid-March that this would go into effect. There are some rumors which state that this bill won't go into effect until late July. And two other unconfirmed reports state that it will be permanent and another stating … (16 comments)
I had a conversation with my dad this evening because he asked me if I had been paying attention to all of the news in regards to mortgages and the real estate market. This led me to explaining to him about FHA and how it's not used as often. Do you know what he said? I thought FHA mortgages were for First Time Homebuyers and for people with bad credit. Rut row.... Hence why I am here to explain to everyone that this is not the case. And as I stated here, Will Conventional loans be just like the … (23 comments)
nehemiah: HUD / Down Payment Assistance programs -- DPA & Nehemiah -- Alive for a while....
- 10/01/07 06:11 PM
Down Payment Assistance programs have been halted, but not dead as of yet. These programs have been known as DPA programs and are most used in conjunction with Nehemiah and AmeriDream®, Inc. There are other non-profit companies that have handled the DPA program, but these two are the largest. Personally I have always used Nehemiah and have found them very useful. The word out on the street is that as of today, October 1st, 2007, these down payment assistance programs, DPA's, have been stopped. This would have severe implications on many FHA home buyers and even some conventional mortgages. Most of these … (88 comments)
Which side of the fence are you on? I ask this because I just wrote a blog on HUD getting rid of the down payment assistance programs. Some of the arguments being made is that everyone would be better off with the 100% financing programs, even through HUD/FHA's 100% program. That the DPA's (down payment assistance) programs should be banned. First off, FHA doesn't have a 100% financing program as of yet, which was mentioned in the previous blog. It still needs to be voted in by the 110th Congress.
Second, FHA does have some things approved, but it's up to Congress to decide. … (15 comments)
SAY IT ISN'T SO... please, don't.... Well, you better have a back up plan for your clients. I have heard and read a few perceptions of what is going on in regards to a few HUD - FHA programs from some AR members and others just passing in the streets. What is being mentioned? HUD is looking to stop down-payment assistance programs. These would be such programs as Nehemiah, AmeriDream, and a few others.HUD is looking to lift the 3% funds requirement from home buyers. Which would mean that they would allow 100% financing.Now, I have a problem with a few of … (14 comments)
nehemiah: Understanding FHA financing.... Part 2 -- Creative Financing & no money down
- 04/17/07 08:07 PM
The easily recognized HUD symbol shown has given confidence, trust, and hope to first-time home buyers over many decades. HUD programs have enabled millions of people to fulfill their dreams of home ownership and enjoy a richer and fuller life. The HUD symbol signifies that discrimination based on race, color, religion, sex, family status, or disability is prohibited. In my first blog,Creative FHA financing -- No money out of pocket from the buyer! Part 1, I talked about using non-profit companies to help a consumer get into a property with little or no money out of pocket. These programs came out in … (32 comments)
nehemiah: Creative FHA financing -- No money out of pocket from the buyer!!! -- Part 1
- 04/12/07 12:19 PM
Did someone say no money needed? Yes, no money from the buyer. There are several non-profit programs out there that allow for some type of assistance to the buyer. Nehemiah is one of the largest non-profit organizations that allows the seller to give money for the down payment and closing costs. This program is approved by FHA which is part of HUD. Nehemiah can basically get a consumer into their dream home with no money out of pocket. FHA states that you must have 3% of your own money into the deal. And FHA typically asks for 2.25% as your … (71 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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