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FHA - Banning down payment assistance again?

By Roberta LaRocca

Real Estate Agent with Simply Vegas Real Estate NV. License BS.507

June 11, 2008 05:37 PM

HUD / FHA did ban the 3% down payment gifts from organizations like Nehemiah, AmeriDream, and Partners in Charity late last year. A federal judge granted a temporary injunction blocking the move and this spring ruled that HUD / FHA "failed to provide a rational basis in support" of the ban.

Well the new and improved ban version is back, and there is now a public comment period open on it.

Story in the Wall Street Journal

Just a heads up for those that may have clients interested in using one of these programs for their down payment.

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me roberta@search4lasvegashomes.com or call me at 702-354-8988. I look forward to hearing from you!

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Brian Solinsky

Keller Williams Realty - Puyallup, WA

CDPE, CNE, ABR

My clients have had great success with the Ameri-Dream program./

Jun 11, 2008 06:27 PM

Charlottesville Solutions

Charlottesville Solutions - Charlottesville, VA

Loans are getting tighter, I have seen a couple of deals fail recently that would not have a year ago...

Jun 11, 2008 10:42 PM

Griselda Tealdo-Perez, REALTOR®, e-Pro, GRI, TRC

Coldwell Banker Real Estate - Miami Lakes, FL

Roberta, thanks for the information. Even if there's a ban on these types of gifts, FHA will still be a good choice for many buyers who cannot obtain a conventional loan.

I'm looking forward to reading your Meme. Let me know when you post it.

Jun 16, 2008 09:31 AM

Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

That's too bad, Roberta. I just had a buyer close on a Nehemiah program. He kept saying, "What's fishy about this? Something seems fishy." Well, nothing was. He got a good deal plus a ton of concessions. I'm sorry to see that this is under attack again.

Jun 18, 2008 01:25 PM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I think it is very foolish banning programs like this, I've used this program a few times now with great success and not one of those people that used those programs have been in default. They are some of my best buyers and are grateful for the opportunity they were given to buy a home through such a program.

Jun 22, 2008 05:35 PM

FHA - Banning down payment assistance again?

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Roberta LaRocca

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