Per Nehemiah's Legislative Update section of its website, both the House and Senate concur with regard to HR 3221 with its recent amendments. It is moving forward with the language that does eliminate 3rd party downpayment assistance programs.
On pages 479 - 481 of the bill, the elimination of down payment assistance is cited (SEC. 2113) with an end date of October 1, 2008. The specific language states that the law "shall apply only to mortgages for which the mortgagee has issued credit approval for the borrower on or after October 1, 2008."
President Bush still has to sign off on HR 3221...I am thinking that will happen soon...
Though this legislation is getting lots of press lately regarding this one element of the bill, this is a very broad act that has lots of components.
HR 3221 is also known as:
-- Building American Homeownership Act of 2008
-- Clean Energy Tax Stimulus Act of 2008
-- FHA Manufactured Housing Loan Modernization Act of 2008
-- FHA Modernization Act of 2008
-- Mortgage Disclosure Improvement Act of 2008
-- REIT Investment Diversification and Empowerment Act of 2008
If you have trouble sleeping tonight, and want to read a summary of the full scope of this legislation, click here.
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty
Erin, nice update and hopefully this will bring some much needed reform and assistance to the mortgage market and boost the Real Estate Market.
Jul 24, 2008 07:12 AM
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate
I believe that Bush has alread stated that he will sign this. If you have clients who need DPA, you better get them motivated. Sellers need to be aware of this as well.
Jul 24, 2008 07:13 AM
Realty Mark CityScape- BUY SELL FIX FLIP RENT - Norristown, PA
BUY SELL FIX FLIP RENT
I really hope so.. the government helped enable this mess, they need to be accountable as well.
Jul 24, 2008 07:30 AM
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management
I also heard that Bush has said he will sign the bill. It seems like the Nehemiah Program is a piece of the mortgage mess. If buyers do not have their own cash in a property they seem to be more likely to walk when the going gets tough.
Jul 24, 2008 05:44 PM
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga
Hi Erin!
Wow...from your last 3 blogs, I am assuming you are the expert on this! I will keep reading your posts to keep updated! Thanks for the info!
Jul 24, 2008 06:31 PM
Rainer
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Erin Stumpf (Attardi)
916-342-1372 / DRE# 01706589 Sacramento, CA
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