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fha: Head of HUD behind reinstating DPA through H.R. 6694
- 09/11/08 06:58 AM
I received this email below from one of the Down Payment Assitance companies that was encouraging enough to post and share. This means that now more than ever congress needs to hear from us. I'm working on a follow up post for the activerain community that I will send out later today that details the exact number of families that used DPA in the last 5 months in Texas and more specifically DFW.
Be on the lookout for it...
here is the email:
Matt,
Momentum is building for H.R. 6694 which would save Downpayment Assistance, but there's still more convincing to do! … (1 comments)
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fha: DPA - 1 Lender's Policy Update
- 08/27/08 05:46 AM
Over the last 2 weeks most of my FHA lenders have released thier notices about how their company will handle September fundings as far as seller financed Down Payment Assistance...
I just got off the phone with one of my lenders that is taking the most aggressive approach I've seen so far. The have decided to accept FHA files through September 19th.
The don't have to be approved by the 19th - just "in the door". That means registered, delivered and locked.
So if you have any clients that were sitting on the fence - they still have a little time...
In the … (3 comments)
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fha: Maximum Properties Financed Drops
- 08/19/08 03:11 AM
Yesterday the mortgage industry received the anouncement, from one of the larger lenders ,that was somewhat expected, however, definitely unwanted.
On Septmeber 15th they will no longer accept rate locks from borrowers that have more than 4 properties financed. This follows the recent drop from 10 to 4 for conventional conforming loans. This means that if you currently own 5 or more homes that are financed in some way at all (including your primary residence), and you would like to purchase a new home using a mortgage...then you must first sell 2 properties. Hopefully, this will change in the next year or two, but … (0 comments)
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fha: Green, Miller, Waters, and Shays to the Rescue from the "Rescue"?
- 08/07/08 06:28 AM
U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) submitted legislation last friday that would reauthorize non-profit Down Payment Assistance. This bill is introduced as H.R. 6694. This was expected between last Wed (when Bush signed into law the Housing and Economic Recovery Act) and Oct. 1, 2008 when it goes into place. My opinion is "the sooner the better." As I wrote previously, I was going to point out the positives of the Housing and Economic Recovery Act however I'm still not sure there are any. So I plan to back this new bill (H.R. … (0 comments)
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