hud: Refinance Facts and The Presidents "New Plan"...
- 12/08/07 11:54 AM
I trust you will find this article useful regarding the Federal Plan to help some subprime borrowers announced yesterday by President Bush. This will help you answer the questions that will come your way. It's a great opportunity to attract some Refi business in December and January. A few Refi facts that borrowers may not know: FHA cash out refi to 95% Rate & Term Refi's with Flex 100 or My Community/Home Possible to 100% LTV Expanded Approval Rate & Term Refi's to high LTV's Our Lender Paid MI can be a great option for some. Who Qualifies for Help,And What Qualifies as Subprime? The mortgage plan … (3 comments)
hud: HUD IS DEFEATED BY GRANT AMERICA PROGRAM
- 11/08/07 02:10 AM
On October 31st, in Federal District Court, Judge Freidman handed down a stunning upset ruling in the Penobscot Indian Nation v H.U.D. case Civil Action # 07-1282. Judge Freidman's four page ruling prohibits HUD from enforcing the rule banning downpayment assistance programs that charge property seller's a fee. The Penobscot Indian Nation conducts the Grant America Program which is, "Bridging the G.A.P. to homeownership"TM , for thousands of low to moderate income homebuyer's. G.A.P. is authorized to continue providing downpayment grants on FHA loans until the final determination of its lawsuit against HUD. Just as importantly, the Grant America program is … (0 comments)
hud: FHA DOWN PAYMENT ASSISTANCE PROGRAMS ARE BACK!!
- 11/05/07 04:19 AM
HUD is NOT implementing their rule prohibiting seller assisted downpayment programs (Nehemiah, Ameridream, etc.).This rule was scheduled to take effect on October 31, 2007; however, the U.S. District Court of the District of Columbia issued a preliminary injunction on October 31, 2007 to block implementation of the rule. This injunction is a result of two lawsuits filed against HUD by Nehemiah and AmeriDream, two of the largest providers of downpayment assistance. The U.S. District Court's injunction ordered HUD to notify lenders that FHA is not permitted to implement the seller-funded downpayment assistance rule at this time. As a result, until HUD provides … (1 comments)
hud: FHA UPDATE & INFORMATION
- 10/22/07 02:28 AM
HUD issued a final rule amending the regulations regarding specific standards for a mortgagor's investment in property which is to be insured by FHA. The rule defines a prohibited source of down payment assistance as a payment that consists in whole or in part, of funds provided by any of the following parties before, during or after close of the property sale: the seller; any other person or entity that benefits from the transaction; any third party or entity that is reimbursed directly or indirectly by the seller. In order for the homebuyer to use a gift that was derived from the seller, … (9 comments)
I trust you will find this article useful regarding the Federal Plan to help some subprime borrowers announced yesterday by President Bush. This will help you answer the questions that will come your way. It's a great opportunity to attract some Refi business in December and January.;)
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