I just heard from a preferred lender of mine who has been communicating with the folks in charge of administering the Nehemiah Program. According to the administrators of the Nehemiah Program, a Loan Officer has to register all of their Nehemiah loans online by 9/30/2008, to reserve the funds. After this date, the loan program will go away.
My lender has been trying to get clarification on the deadline to close these loans after registering them. The Nehemiah administrators said their is no specific date because the funds are coming from the Seller and the registration would have been executed by the Loan Officer to hold the funds.
I am not sure about that answer because I had one FHA Nehemiah transaction in June that I didn't close on time. The loan was registered and the funds had been at Escrow for 2 days. When my lender called the Nehemiah Program to ask how long the funds could say at Escrow, she was told 3-4 days. After that, the funds would have to be returned.
As I find out more on this subject I will let you know immediately. My point is that if you have an FHA Nehemiah deal try to close it as soon as possible.
Mortgage rates are on the rise. Today rates are around 6.625% for a 30 year fixed Conventional loan and 6.50 for FHA/VA 30 year fixed. FHA 3/1 arm is around 5.75%.
David Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/renton-info-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
David J Edwards is a full time real estate agent and REALTOR with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers.
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I was visiting the Nehemiah website at www.getdownpayment.com, and they had information that I found helpful in defining the language used in HR 3221, which is the Bill that was signed by the President that would eliminate all SF-DPA programs in our country.
Basically, the language states that the buyer must be "credit approved" by September 30. The closing date is not relevant. Crdeit approved means that if a loan is manually underwritten, the approval date is the day on which the underwriter signs the Mortgage Credit Analysis Worksheet (MCAW) or the FHA Loan Underwriting and Loan Transmittal (LT).
So the deals do not actually have to close by 9/30, they just need to be locked in. That's a relief! Also, questions regarding The Nehemiah Program can be addressed by calling their toll free number. It is posted there on their website. I am sure they can answer a lot of questions and misconceptions about this deadline.