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Blog entries tagged with "down payment assistance":
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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.
U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) submitted legislation last friday that would reauthorize non-profit Down Payment Assistance. This bill is introduced as H.R. 6694. This was expected between last Wed (when Bush signed into law the Housing and Economic Recovery Act) and … (0 comments)
… (3 comments)
The Federal Reserve held the line on Tuesday-leaving the Fed Funds Rate at 2.00% for the third straight meeting. The decision, however, was anything but cut-and-dry.
Have you heard the news? Have you been following the recent housing bill that was just passed into congress? If your clients are still waiting for the so called "bottom" of the housing market , this may be a good sign that we are there. 
A bill that was designed to help the national real estate market may, in fact, have a serious negative impact - and that negative impact may be felt very soon.
I'm sure 90% of you know that per congress's recently passed housing bill down payment assistance programs will be eliminated on October 1, 2008. Members of congress have introduced a new bill that would allow DPA programs indefinitely
Tuesday's MarketWholesale mortgage rates are up this morning after Fannie Mae Mortgage Backed Securities rose 10.5 basis point to 6.323% from 6.219% on Monday. A basis point is 1/100 of a percent
I have been standing on my soapbox yelling at the top of my voice about what I think is too broad a flat ban on down payment assistance programs (DPA) by the new housing stimulus package.
When I started in real estate in 2000 Down Payment assistance was available but seldom used. Homes were selling so fast that you had to write the cleanest offer possible, so you tried to keep closing cost to a minimum, your closing date short and absolutely no B.S. clauses in your … (1 comments)
In the City of Eugene, it is called HAP. In the City of Springfield, it is called SHOP. Both of them are programs to help low to moderate income purchasers get into their first home. The State of Oregon operates a similiar program called PAL for outside of Eugene/Springfield but it is … (4 comments)
I expressed a lot of joy last week that the new bill got signed into law and I got some negative feedback from several fellow originators about the provision in the bill that Down Payment Assistance (DPA) programs such as Nehemiah, were being ended soon.
SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT ASSISTANCE.
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.
Sorry to be a broken record on this subject; You've probably heard this already, but it bears repeating. Realtors, Buyers, Sellers! We could certainly use your support to keep DPA (Down Payment Assistance) programs like AmeriDream, HART and Nehemiah viable and within limits.
When President Bush signed HR 3221 into law on July 30th, 2008, he took what may be the most damaging step to actually hurt the housing market. I say this because he has completely done away with the FHA Down Payment Assistance program and raised the minimum percentage of funds that the … (0 comments)
We knew it was coming, but the looks on the faces of the agents in the office as the disappearance of seller assisted down payments sunk in varied from frustration to morose. So many of us work with first time home buyers in this challenging Phoenix market that comments like "could … (0 comments)
In light of the demise of Seller paid Downpayment assistance (although it may come back) for many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your mortgage broker, I can … (0 comments)
The new housing bill, signed by President Bush this week contains a provision that forbids FHA from insuring mortgages in which the downpayment comes directly or indirectly from an interested third party, beginning October 1, 2008. As of this date, the minimum downpayment will be increased from 3% to 3.5%.
My subject in this blog is "Down Payment Assistance" and how it works. This is a program that's been around for quite a while, however it's one of the most underutilized programs out there....largely due to the fact that it's not clearly understood. 
Zero down no more? Well, the down-payment assistance groups (DPAs) are still alive for now. The ban for new applications will go into effect October 1st. This can change, and I still recommend you act without delay if you plan to structure any 97%+ LTV deals. I registered quite a few this … (1 comments)
I have just had an opportunity to review a summary of the new housing bill that was put together by the Mortgage Bankers Association. It appears that we will still be able to utilize the Down Payment Assistance (DPA) programs for all loans "credit approved" prior to 10/1/2008. So now we … (0 comments)
As most of you know by reading my blogs I specialize in working with First Time Home Buyers and down payment assistance programs. I have meet most of the works who run these counties programs and have a lender that I work closely with to get these deals closed. A lot … (2 comments)
Agents, buyers, and sellers may have, in the past, utilized Down Payment Assistance Programs such as Ameridream or Nehemiah. It seems many agents do not realize these programs are currently available. I have personally closed two deals in the past two months where my buyers have utilized these programs.
It's amazing how many programs are available for first time home buyers in Texas. (if you haven't purchased a home in 3 years, you may qualify).
It's 10:00pm today and I'm talking with a homeowner in Tempe, Arizona that was thinking of selling one of his homes. I told him, if you want $250,000 you're probably going to fetch $265,000. Just get it out there today!
There are several down payment assistance options available to Mississippians in the Southern 3 Counties. These counties were hit hardest 3 years ago by Hurricane Katrina. Each program has its own rules and income limits. These programs will still be allowed under the new Housing Act. If you are interested in … (0 comments)
If you have not heard, FHA has eliminated down payment assistance programs such as Nehamiah, Genesis, etc to take effect on October 1, 2008. This will create a further reduction in our pool of buyers. Buyers will actually have to have money to buy a home now. If you have not kept … (0 comments)
I've been receiving several calls of concern regarding the elimination of the down payment assistance program. I'm not too sure what exactly is stated in the H.R. 3221 Housing and Economic Recovery Act of 2008l but it sounds a little frightening. I would have to say that about 90% of all … (4 comments)
The President just signed the Housing and Economic Recovery Act of 2008 and private down payment assistance (DPA) programs will no longer be available. 
Recently, the House and Senate passed broad-based housing legislation, which was signed into law by President Bush this morning. Heralded as the most sweeping housing reform since the "New Deal", it includes the creation of a strong regulator for Fannie Mae and Freddie Mac, changes in conforming and FHA loan limits, … (2 comments)
Seriously folks! If your not worried you should be. This recent emergency housing bill that George Bush signed today contains an amendment that kills down payment assistant programs. What does that mean for you and me as real estate professionals. It means additional pain for you as a professional, but more … (6 comments)
would allow for Down Payment Assistance Programs indefinitely. Lest we forget Hart, Ameridream, Grant America, etc...
In light of the changing mortgage industry, many people are under the mistaken impression that they will now have to have incredible FICO scores, 20% for a down payment on top of their closing costs in order to purchase a home. This has been the impression given by the media but … (0 comments)
Shortly after 7am today, President Bush signed the massive Housing and Recovery Act of 2008.
For those who are considering a home purchase but do not have funds available for a large down payment time, is running out.
This is from the Government Printing Office, (GPO)
The Senate just passed overwhelmingly the omnibus Housing bill (Housing and Economic Recovery Act of 2008) by a vote of 72-13. The President is expected to sign the Bill into Law early next week.
I just read that the President should have signed or is signing this bill into law today. If you don't know, the bill will allow the following for MN deals
Well the end of the month is upon us... Hopefully you had a great month. Rates are holding at the 6.625%, they have been hovering between 6.625% & 6.75% for about a week and a half. The governemnt has been doing a great job of messing with the housing market and it … (0 comments)
Just when buying a house couldn't be any more challenging today, Congress and President Bush railroaded the FHA buyer with a last minute addition to HR 3221aka, - The Housing and Economic Recovery Act of 2008 - aka, The Foreclosure Prevention Act of 2008 - aka, The New Direction for Energy … (1 comments)
Just when buying a house couldn't be any more challenging today, Congress and President Bush railroaded the FHA buyer with a last minute addition to HR 3221aka, - The Housing and Economic Recovery Act of 2008 - aka, The Foreclosure Prevention Act of 2008 - aka, The New Direction for Energy … (1 comments)
The House and Senate just passed the 300 Billion Dollar Assistance Bill that will help current homeowners facing foreclosure if they meet certain criteria. Did this Assistance bill come in to little to late? What about Victims of foreclosure already that would have been able to meet the criteria but lost … (5 comments)
In our ever - evolving real estate market, life continues to stay interesting! Here are a few highlights of things you may not know:
A couple of comments were made on yesterday's blog ("Get 100% Financing legally") regarding the future of the Down Payment Assistance (DPA) programs like Nehemiah and Ameridream:
FYI: Last night the House and Senate reached agreement on a massive housing bill that affects FHA,
This is my first attempt at posting a Blog. I hope it causes some thought.
This week the House passed a $300 Billion aid bill that offers relief to many American families at risk of loosing thier homes. The bill gives FHA $300 Billion in new lending authority to help homeowners at risk. FHA would be permitted to refinance risky loans into a fixed rate mortgage … (8 comments)
HOUSING BILL TO CREATE SWEEPING CHANGES:
I have some important news to share with you regarding FHA financing.
The new housing bill that has been passed by the house will be implemented, it's just a matter of when. When you take a look at the specifics of this bill, you have to wonder, what are they thinking? I understand there are some very valid and good points to this … (4 comments)
OPEN HOUSE SATURDAY JUNE 26, 2008 FROM 12 - 6 PM
The proposed program will help thousands of California Home Owners. The program is still in the finalization stages. 
Still on the fence about buying? If your lease is ending within the next 90 days, then here's a little nudge that may help you move forward with your new home purchase.
Down payment assistance programs were put in place to help those who have good income and solid credit and can afford monthly payments on a mortgage; but who lack the cash to put a significant down payment. These programs are very good for our overall economy and the housing market in … (2 comments)
My e-mail account is filling up today with all the lenders that have me on their mailing list.
Nehemiah is on the verge of becoming a thing of the past! Nehemiah is a non-profit organization that assisted buyers with a down payment for their home purchase. We have been fighting the opposition to keep Nehemiah alive for some time now. HUD is on the team to get rid of this … (3 comments)
Has anyone heard anything about the Home-buyer Down Payment Assistance Programs being in jeopardy? I heard that these programs may be shut down in the very near future. It would be a shame if one of the best tools to help first time home buyers was done away with. Please call 1-866-751-DREAM and speak to your senator … (1 comments)
It is coming to our attention that "DPA's" - Seller Funded Down-Payment Assistance programs could very well be "outlawed" by Congress. I am going to keep this blog both brief and for fellow Realtors others in the Real Estate community as well as the public because I know that there thousands … (23 comments)
In the last few years in real estate a lot of money was made with various seller down payment assistance (DPA) programs. The only problem is that now we are hearing they are most likley to default! No Duh! FHA is now saying that the bulk of their foreclosures come from these … (116 comments)
"Hi Audrey, I am calling to register an offer on your listing. GREAT, I say. Let's get together as soon as possible to work out the details."
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