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Seller Funded DPA on FHA... Friday 8/29 is the last day to find a property!

As of today, we only have 2 investors left that we can still lock loan with that are getting the 3% downpayment paid for by the seller. One of these investors says the loan must be locked by this Friday 8/29 & the other investors says it just must be registered (with a property address) by this Friday 8/29.

Any buyer that is already pre-approved needing to get their 3% FHA from the seller needs to act quickly or they will have to come up with the downpayment themselves or get it as a gift from someone.

The elimination of the DPA programs on FHA loans will be rough for the market in the short term but it should help stabilize the market long-term since buyers will start to have to put money down on their house again.

For more information, you can call me at 260-469-0917 or visit our website at www.HallmarkHomeMortgage.com/ngaier

Have a great day! Nathan

Posted by Nathan Gaier, Northeast Indiana's Mortgage Team on 08/26/2008 05:32 PM

Comments (2)

down payment assistance, ameridream, housing economic recovery act of 2008, housing market

This post has been included in Indiana Information
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2 Comments on Seller Funded DPA on FHA... Friday 8/29 is the last day to find a property!

SEP

2008

It sounds like you need to find some new investors... we can still underwrite a loan up until Oct. 1st, with an underwriters approval on the MCAW. just a FYI...

Jeff Belonger

OCT

2008

Jeff, thanks for your comment. All our investors were trying to scare us into getting all the DPA loans into them way early of the HUD 10/1 guideline. We ended up still being able to get a few DPA loans locked through about the middle of September. I hope all or your late submissions got purchased by the investors! Some of our investors tried to give us a hard time on a few of the final files.

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