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4 Comments on Ladewig AM Market Brief
What is the deal with Dwn pymt assistance, is it in fact going by the wayside as of October 1,2008. I have heard a few versions from various brokers and agents.
I was told the last time they tried to do away with DPA there was a injunction filed to stop it . Another broker has told me that legislation has been passed and that it will in fact end October 1st. I know that we all like to have deadlines to support our business but I would love to find out if anyone know s for sure.
FHA has been trying to do away with DPA for years. The new 2008 housing bill just signed into law outlawed DPAs as of October 1.
There is a little light on the horizon. A bipartisan bill was introduced in the House of Representative to reinstate down payment assistance.
Make your opinion heard when asked to contact your representatives.
Thank you for the clarification , I hwas told tha one of the reasons fo rthem wanting to do away with it is the strong default rate. Is this true?
The banks must have soemthing up their sleeve as to what they will do with all theser homes they are going to own.
FHA has claimed a higher default rate on loans with DPA and that is disputed by the DPA providers. I think the real answer is somewhere in the middle. There are millions of 100% VA borrowers that have made their payments as agreed so 100% financing is not the culprit, the culprit is sloppy underwriting.
The new proposed legislation requires borrowers to have minimum credit scores to qualify for a FHA loans with DPA and that is a good thing.
There are millions of potential buyers who need assistance and will make their payments as agreed and intelligent credit underwriting can be applied to sort the good guys from those who are looking for a free ride.