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down payment: Down Payment Assistance Needed - Call Congress for upcoming lameduck session - 11/10/08 06:41 AM
With all the misspent funds for the $700 billion Bucks for Banks program now well underway, we are still left with millions in home inventory and millions of prospective home owners unable to buy because of a lack of down payment.
Congress will meet next week and look at economic stimulus. The approach will be to spend more money.
If housing is at the center of the problem, it is time to take another look at proven programs that do not use the US Treaury.
Restore 100% conventional programs - My Community, FNMA Flex, Freddie 100, Home Possible, Community Reinvestment Act programs. I have … (8 comments)
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down payment: FHA Loan to Value guidelines - new down payment amount - 09/11/08 10:05 PM
FHA today released information about the implementation of the higher down payment requirement that was established with the new housing law.
The old down payment was 3%, and allowed certain of the buyer paid closing costs to be used to meet the down payment requirements. In many cases the actual loan to value could be 97.75%, if the buyer paid closing costs in the amount of at least .75% of the sales price.
The new guidelines institute a higher down payment requirement of 3.5% and remove the consideration of buyer paid closing costs.
The maximum loan to value for FHA purchases … (8 comments)
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down payment: Housing Law HUD implementation - conference call August 4 - 08/04/08 07:25 PM
This afternoon HUD held a conference call to address questions about the new Housing Law and HUD's plans to implement the many changes.
The new minimum investment for purchases is 3.5%. It is flat for all loan amounts. The maximum LTV is now 100%, but this includes the base loan amount and the upfront mortgage insurance premium. The way the calculations work, the 100% maximum LTV is not an impacting number. With a 3.5% down payment and the maximum UFMIP cap expected to be set at 3%, the LTV calculated with the base loan plus the UPMIP will never reach 100% LTV.
… (5 comments)
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Richard Smith FHA VA Rural Development in TN GA
Chattanooga,
TN
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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343
Office Phone: (423) 280-0345
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