Note: that with the AmeriDream and Neimeih Programs as we have them today.....must have the loan closed by Septemeber 30th! If you have clients considering these programs.....the time to act is now!
Note: that with the AmeriDream and Neimeih Programs as we have them today.....must have the loan closed by Septemeber 30th! If you have clients considering these programs.....the time to act is now!
I am sorry to see this go away as a lot of nice young couples will not be able to buy, but then it is good to see that people need to save up money to buy a home ( as it was in the past times) and maybe the foreclosure rate wiil go down.
I too am very sorry to see these programs go away. I've written to congress and they just seem to be totally oblivious to the real market conditions. This isn't going to help, only make it harder.
It was my understanding that only FHA loans were affected by this change . ????
Have you seen a new bill has been introduced! I got this off of Nehemiah's website. A bill introduced by Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays on July 31, 2008, that would reinstate SF-DPA. If passed and signed into law, the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) will allow downpayment assistance to continue indefinitely.
Here is a way that we can help.
Click this link and it will take you to the page to send a letter. It takes 2 seconds it has pre-written paragraphs that you can pick easily to express your view on it. (leave out the ones that don't apply) and when you fill out your contact info with address and zip it automatically sends to your representatives.
I was told at an FHA seminar that it was discontinued because the down payment is actually being paid from the seller who is also sometimes asked to assist with an additional 6% of closing cost. The 3.5 percent down payment can be totally gifted but can not be from the seller. Plus the house has to appraise for however much you bump the price for the assist and the down money too. That may be hard to do in the current times.
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