AmeriDream / Neimeih Down Payment Assistance Programs

By
Mortgage and Lending with OLD VIRGINIA MORTGAGE

Note:  that with the AmeriDream and Neimeih Programs as we have them today.....must have the loan closed by Septemeber 30th!  If you have clients considering these programs.....the time to act is now!

 

 

Comments (8)

Pete Stanley
Coldwell Banker Residential, Prescott AZ. - Prescott Valley, AZ
TEAM STANLEY, PRESCOTT, ARIZONA

I am sorry to see this go away as a lot of nice young couples will not be able to buy, but then it is good to see that people need to save up money to buy a home ( as it was in the past times) and maybe the foreclosure rate wiil go down.

Aug 26, 2008 04:08 AM
June Piper-Brandon
Houwzer Inc - Baltimore, MD
Piecing Dreams One Home at a Time

I too am very sorry to see these programs go away.  I've written to congress and they just seem to be totally oblivious to the real market conditions.  This isn't going to help, only make it harder.

Aug 26, 2008 04:20 AM
Janice Norvell
Long & Foster-south - Roanoke, VA

It was my understanding that only FHA loans were affected by this change . ????

Aug 26, 2008 05:19 AM
Anonymous
Michelle

Have you seen a new bill has been introduced!  I got this off of Nehemiah's website. A bill introduced by Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays on July 31, 2008, that would reinstate SF-DPA. If passed and signed into law, the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) will allow downpayment assistance to continue indefinitely.

Aug 28, 2008 10:50 AM
#4
Anonymous
John Teeuwen

No, haven't seen this particular bill... But, I will suggest if anyone sees any petition, etc to your congress person to make sure that you support the DPAs.  These programs are key to many people achieving home ownership....

Sep 02, 2008 05:46 AM
#5
Anonymous
Michelle

Here is a way that we can help. 

Click this link and it will take you to the page to send a letter. It takes 2 seconds it has pre-written paragraphs that you can pick easily to express your view on it. (leave out the ones that don't apply) and when you fill out your contact info with address and zip it automatically sends to your representatives.

http://capwiz.com/nehemia/issues/alert/?alertid=11709431

Sep 18, 2008 10:12 AM
#6
Anonymous
real estate

Check out today's commentary from AmeriDream on downpayment assistance and the housing market generally: http://www.baltimoreexaminer.com/opinion/111908opedashburn.html#comments

Nov 19, 2008 04:01 AM
#7
Linda Tremblay
Long & Foster Real Estate, Inc, PA License #AB065488 - Doylestown, PA
Associate Broker - Bucks County, PA Real Estate Services

I was told at an FHA seminar that it was discontinued because the down payment is actually being paid from the seller who is also sometimes asked to assist with an additional 6% of closing cost. The 3.5 percent down payment can be totally gifted but can not be from the seller. Plus the house has to appraise for however much you bump the price for the assist and the down money too.  That may be hard to do in the current times.

 

Nov 26, 2008 05:42 AM