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US Capitol Building-Architect of The CapitolPro-Down Payment Assistance (DPA) legislation got a boost from HUD Secretary Steve Preston and Congressman Barney Frank, Chairman of the House Financial Services Committee.

Apparently Chairman Frank and Secretary Preston reached an accord that will allow seller-funded gifts to be applied towards buyers' down payments...with HUD imposing risk-based pricing on transactions using this kind of assistance for FHA loans.

Inman News released and article explaining the negotiations today:  Congress Weighs Reprieve


       Kent Simpson
Kent Simpson REALTOR®, e-Certified®, AHS® (with The Pepper Group™ Diversified Real Estate): Real Estate Agent in Tucson, Pima County, Arizona web counter

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13 Comments on DPA Negotiations On Capitol Hill Take A Positive Turn

SEP
09
2008
129,092 Points 3 Featured Posts

This sounds good I will check back for updates.  Thanks for the heads up. www.vizionkc.com
9:32pm • #1
212,161 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Hey Justin - you're pretty quick!  Thanks for being the first to comment.
9:34pm • #2
441,725 Points 20 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Excellent news Steve please keep us aprised.  I knew there were bills in process to bring them back. 
9:34pm • #3
212,161 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Thanks, Fred George Larry - (where did you get "Steve"???)  LOL Anyhow, I will.
9:43pm • #4
SEP
10
2008
208,136 Points 2 Featured Posts Outside Blog

Kent - I have heard from some lenders that there is a 10-day extension of funding -- do you know anything about that ?
12:14am • #5
212,161 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

James - all that I've heard so far is that some lenders have investors that are willing to fund loans that have DPA from sellers into the month of September.  Most lenders had a cutoff date of August 29 to have a full 30 days to sell the loan.

Probably the lenders you are hearing from have the same types of investors.  If you have a client who has a need like that, I have a guy in Mesa that may be able to help you--just give me a call!
12:52am • #6
497,575 Points 8 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Kent - thanks for the information, and the artice as well.
11:16am • #7
157,052 Points 1 Featured Post Localism Sponsor Attended Rain Camp

Let's hope they bring this back... As of right now my lender can do DPA with a contract on or before Sept 19 and has to close on or before Oct 7.

 

Keep us updated please!
2:08pm • #8
118,921 Points Outside Blog

I figured it would not go away completely and permanently. If something doesn't get passed before Oct 01, you know something will come down the road pretty quickly!

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6:42pm • #9
212,161 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Sharon - you're welcome!

Nick - thanks for coming by--I'll try to keep on top of the issue.

Ronald - something will happen...if it doesn't get bogged down in congressional in-fighting...but they never do that with important issues, right?  Right?
11:46pm • #10
SEP
12
2008
243,851 Points 22 Featured Posts Outside Blog

I'm looking all over the web right now to see what I can find about the latest details.
9:40am • #11
507,196 Points 9 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

This is definitely great news. I am going to check back later for more information. Have a great weekend. Great post.
11:08pm • #12
SEP
13
2008
212,161 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Chuck - find anything interesting?

Lanre - you have a great weekend also--and thanks for the kind words!
12:33am • #13

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