As many of us know, there are tens of thousands of homes available and vacant due to the foreclosure crisis. As of October 1, 2008, the seller-financed downpayment programs were eliminated with no real answer if they would ever return. I have been in touch with a few people over at Nehemiah from time to time. Well, … (24 comments)
In obtaining a FHA loan might be a tad more challenging now, more than ever. Now with a slightly larger downpayment and the possibility of downpayment assistance programs being delayed or not coming back, the average consumer will just need to be a little more patient. Hence the reason why they will need the services of a mortgage professional more than ever, and just not an order taker. So, what has changed and will take place next year? FHA Mortgagee Letter 2008-23 - The fact that you will need 3.5% of your own money as a downpayment. 100% of … (16 comments)
I had a conversation with my dad this evening because he asked me if I had been paying attention to all of the news in regards to mortgages and the real estate market. This led me to explaining to him about FHA and how it's not used as often. Do you know what he said? I thought FHA mortgages were for First Time Homebuyers and for people with bad credit. Rut row.... Hence why I am here to explain to everyone that this is not the case. And as I stated here, Will Conventional loans be just like the … (23 comments)
downpayment assistance programs: HUD / Down Payment Assistance programs -- DPA & Nehemiah -- Alive for a while....
- 10/01/07 06:11 PM
Down Payment Assistance programs have been halted, but not dead as of yet. These programs have been known as DPA programs and are most used in conjunction with Nehemiah and AmeriDream®, Inc. There are other non-profit companies that have handled the DPA program, but these two are the largest. Personally I have always used Nehemiah and have found them very useful. The word out on the street is that as of today, October 1st, 2007, these down payment assistance programs, DPA's, have been stopped. This would have severe implications on many FHA home buyers and even some conventional mortgages. Most of these … (88 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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