With yesterdays news that the new FHA loan limits were increased, and that Judge Lawrence K. Karlton upheld Nehemiah's motion against all down payment assistance programs to be banned, it's been a very good week in the mortgage industry.
Here is part of the letter from Scott Syphax (President & CEO of Nehemiah) who states:
Judge Lawrence K Karlton of the United States District Court for the Eastern District of California upheld Nehemiah's motion for summary judgment. The Court Clerk's Office is directed to enter judgment and close the case.
To be clear, the U.S. Department of Housing and Urban Development's (HUD) rule to ban private down payment assistance as proposed in the "Standard's for Mortgagor's Investment in Mortgaged Property" regulation published October1, 2007, is permanently set aside.
Now, what the average consumer needs to understand is that they truly need to work with a mortgage professional that truly knows all programs in and out. Especially with so many recent changes to conventional mortgages in the last several weeks, it is not easy nor may it be your cheapest method in obtaining a mortgage. If you have credit scores under 680 or your credit is less than perfect, you want to make sure that your lender is FHA approved. If they tell you that you aren't approved for a FHA mortgage, but that they can approved you for a conventional mortgage, that should be a major red flag.
Overall, I am not saying that conventional mortgages are bad and that FHA mortgages are great. But the proof is in the pudding when it comes to the bare facts. You can truly understand my point just on these two examples.
For more information on FHA loans, please go to this link. The FHA Expert
For more information on how you can obtain your dream home, please click here : Mortgage Financing Options
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!
Copyright © 2008 by Jeff Belonger