| |
downpayment assistance: Seller Funded Downpayment Assistance not done yet? - 08/03/08 07:17 AM
Evidently the final word on seller funded down payment assistance for FHA purchases has not be said. It had surprised me that this week had passed with not word from any of the DPA programs after the Housing Bill had passed Congress and eliminated seller funded DPA.
Friday night I received an email from Ameridream announcing somewhat optimistically "Congress to Reauthorize DownPayment Assistance."
Quote taken from Ameridream email - in italics. 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 … (15 comments)
|
downpayment assistance: FHA Down Payment Assistance - continuance being debated - 06/30/08 10:37 PM
The AP news article reported last Friday that non profits are battling with the administration whether to end FHA down payment assistance programs.
Associated Press June 27,2008
Senate bills proposed eliminating the program. House bills proposed new regulatory controls, but to keep the programs functioning.
The numbers involved are impressive. The article reports that 1/3 of FHA loans use down payment assistance. In today's market in which FHA enjoys a rapidly increasing share of the market, this is a large number.
Critics refer to money laundering, circular financing schemes, and false non profits. They also can make a strong case against seller funded downpayment programs with well documented delinquency figures. Other complaints are that … (3 comments)
|
downpayment assistance: Qualifying more buyers - expanding the buyer pool - 06/26/08 06:16 PM
I had posted a previous blog about expanding the pool of available buyers, but received only few comments. It seems to me to be one of the critical focuses in our industry. We are watching the fed, concerned with program changes, seller's not listing low enough, or buyers not being realistic in their offers.
A book entitled Think like Einstein, recommends changing the question if you don't like the answers to the initial question.
I think the right question, is how can we get more qualified buyers.
Credit building, credit repair, high LTV loans, downpayment assistance. What tools? What marketing? What … (6 comments)
|
downpayment assistance: Seller Paid Downpayment, FHA seeks input on seller assistance for downpayments - 06/15/08 09:19 AM
This is a headline today in the Times Free Press Chattanooga, Business section.
The article specifically refers to HUD "renewing its efforts to address risky government backed seller-funded downpayment assistance loans that are more likely to lead to foreclosures."
This is another example of all too common bad news writing. The article refers to "risky" as if it were an established fact, rather than opinion, and does not qualify the reference in a quotation or by stating it to be an opinion.
Additionally, the article states that these DPA loans "lead to foreclosures." Again opinion as fact and nothing to qualify … (2 comments)
|
|
|
|
|
|
Richard Smith FHA VA Rural Development in TN GA
Chattanooga,
TN
More about me…
Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343
Office Phone: (423) 280-0345
Cell Phone: (423) 280-0345
Email Me
NMLS ID: 184479; GA – 28928; TN – 40161;
1961 Northpoint Blvd., Suite 110, Chattanooga, TN 37343,
Company NMLS ID:
Start Your Approval Process Here
Mortgages, home loans, real estate market, home purchase and refinance lending, renovation, FHA 203k, investment, first time home buyer, local events in Chattanooga, Knoxville, Cleveland, Nashville, Memphis, North Georgia, Hamilton, Bradley, Sequatchie, Catoosa, Walker, Davidson, Tennessee, Georgia.
follow richardbsmith at http://twitter.com
Read my regular monthly article in Scotsman Guide - The Fine Print
 |
|
  |
|
Lead Article: Inside the Reg Z Maze |
 Listings
Links
Archives
|
;)
;)
;)
