Special offer

Quick, before it's gone???

By
Real Estate Agent with Fathom Realty Washington LLC

I don't know about you but I have been receiving several Neimiah program offers as of late, trying to beat the deadline of October 1st. In my over 9 years in the business, I have only had 3 deals with the program and now, people are finding the program once more.

I also see, in our office, an abundance of FHA finance offers. Again I believe the increase in the required down payment to 3 ½% from the required 3% seems to be the stimuli for some much needed business.

Is this a nationwide trend?

Can the system handle the influx without delays?

Authored by Paul S. Henderson, Realtor ®, RE/MAX Professionals, Dupont & Lacey, WA.

(http://phenderson.net) or http://www.lacey-washington.com

©2008 Paul S. Henderson, All Rights Reserved

Posted by

 and courtesy of 

Paul S. Henderson, Residential Real Estate Broker 

Tacoma Washington 

Realtor ® BPOR, CRS, GRI, CDPE

Fathom Realty WA LLC

Serving

South Puget Sound in Washington State

 

 

 

 

Paul's Service Area


 

 

As a Residential Broker and Relocation Specialist, I sell homes in or around ,Tacoma, Gig Harbor, Lakewood, Steilacoom,  University Place, DuPont and Hartstene Pointe in Washington State.
Please visit my website at http://www.hartstenepointe.com to search for information 

(all information is believed to be accurate but is not guaranteed or warranted in any way)

Referrals are always welcomed and appreciated, Thank-you!

(As a member of the NWMLS, this blog post is intended to comply with NWMLS rules as pertaining to blogging.)

isspfmtysmily

iaa

 

Comments (9)

Charlene Sandoval
Keller williams West sound - Gig Harbor, WA
Relocation and Real Estate Gig Harbor Washington

I have acrtually been promoting the dpa programs on numerous listings that are likely to be a canidate for the program. I have sellers offering the dpa gifrt as incentives fromn the jump and have it in all the maketing of those homes. It has been productive so far.

Aug 22, 2008 04:10 AM
Ron Tarvin
Residential, Investment properties, rehab projects, property management, luxury homes, new construction! - Katy, TX
Broker, Katy, Houston, Cypress 77450,77494,77095

A return to FHA and the way they allow the DPA is the impeutus for so many offers like this.  Before with the conventional financing allowing 100% and even 103% financing, the DPAs suffered and were not needed.   Ultimately, if the DPAs go away, which it's looking like they may, then the housing market will see another crunch, particularly at the entry level of the housing market.

Aug 22, 2008 04:31 AM
Rebecca Anne Cole
PNC Mortgage - Timonium, MD

I have seen an increase in FHA loans in part because of the impending changes but also because conventional guidelines are becoming more restrictive.  Sometimes it makes more sense for someone to do an FHA loan even if they are qualified for a conventional loan.  I am working with buyers right now who qualify for conventional financing with ten percent down, but the FHA loan works out to be a better financial option for them.                

Aug 22, 2008 05:06 AM
Anna Matsunaga
Team Momentum Keller Williams Realty Tacoma - Lakewood, WA
Seller specialist, Certified Negotiation Expert

From what I understand we have less than Oct 1st to get these Neh. progams through.

Aug 22, 2008 05:39 AM
Christina Ethridge
The North Idaho Dream Team powered by SKE Realty Group - Coeur d'Alene, ID

All loans must be identified with a property address by August 26th - that's TUESDAY.

Aug 23, 2008 12:29 AM
Ronald Gillis
Southwest Florida Notaries (Mortgage Notary Signing Agent) - Port Charlotte, FL
CNSA Southwest Florida. Notaries, Port Charlotte, 941-7-NOTARY

I have said it repeatedly here on AR, I would see DPA programs VERY rarely over the few years, but only recently a big influx.  Even before the ax was stated to fall.  While they clearly can help some, I've wondered how many deals will be lost.  Clearly some, but I don't think many.  Plus, I don't see the complete elimination.  Either their will be a last minute save, or congress will be pushed into another form of the program.  My 2c anyway!My 2 cents

Signature

Aug 23, 2008 01:33 AM
Jeff Polonsky
loansnjobs.com and EasyWayToShop.Com - Mill Creek, WA

Good post and great responses. thanks to all for your good comments. Its like reading a book on how to.

Aug 23, 2008 12:50 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Your right Jeff, AR members are the best, you can't beat their response. Thank-you to all as always...

Aug 23, 2008 04:45 PM
Mark and Tana Hunt
Team Price Real Estate/Dan Price Broker - Austin, TX
Born and raised in Austin, WE KNOW THIS PLACE!

You only have until the 26th... :)

Aug 23, 2008 04:49 PM