fha: "No water in the swimming pool? No loan!" says FHA
- 04/02/09 07:11 PM
I'm in the final stage of a transaction in which I'm the Buyer's Agent and the seller is Freddie Mac (bank owned single family detached house). All inspections have been completed, appraised value is in, and by all appearances, we were good to go ~ until we received a letter from the buyer's lender. Here are the key parts of the letter:
"The purpose of this letter is to address the empty pool at [referenced] property. The buyers have applied and been approved for an FHA loan in order to purchase the property. The credit approval part of this … (42 comments)
fha: FHA Down Payment Assistance (DPA) - Back in the news?
- 01/18/09 07:05 PM
Here we go again, boys and girls! On October 1, 2008 Down Payment Assistance (DPA) by Sellers was eliminated by HUD, and many FHA Buyers were taken out of the market. It was a hotly contested issue, but ultimately, HUD won the battle. The powerful agency claimed that DPA by Sellers was fraught with too many risk factors, and was a major contributor to inflated home prices. HUD cited statistics that many felt were inaccurate, if not erroneous. According to Rep Al Green, however, "HUD chose to eliminate rather than regulate."
Well guess what ~ word on the street (from … (15 comments)
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