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FHA down payment assistance loans almost GONE.

By Toni M. Rose

Real Estate Agent with Prudential C. Dan Joyner Realtors

August 31, 2008 03:08 PM

Well, time is quickly running out for the 100% financing through FHA where sellers can pay a downpayment and closing costs for the buyer. All contracts have to be completly closed before 10/1/08. You know that means we have less than a week to get a contract in progress to close before then.

If you have any buyers on the fence, they better get moving quickly. If you have some prospects that have kinda fallen away, this would be a great conversation starter to get back with them.

I know there are other 100% out there, but none that I know of for metro area's. Rural housing is the only product that I am aware of, if you know of anything else- please share it.

Hope everyone has a super Labor Day!

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Darren Stewart

Mortgage Investment Services Corporation - Broken Arrow, OK

Licensed MLO in Oklahoma and Arkansas

Toni, just a reminder VA is still coming in at 100% and No mortgage insurance, just the VA funding fee - that can be financed and this is waved if the veteran is disabled.

I also looked up the Housing authority for your state - we have one here in Missouri as well that provides down payment assitance in the form of bond loans, my best advice is to get with a lender that is on the South Carolina web site and ask that person questions regarding the home loan program for first time home buyers and get one with experience.

The link for South Carolina programs is as follows :

http://www.schousing.com/index.asp?n=2&p=0&s=2

Aug 31, 2008 03:27 PM

Toni M. Rose

Prudential C. Dan Joyner Realtors - Easley, SC

Easley SC Real Estate

Darren, Thank you for the great info. I will check it out.

Aug 31, 2008 03:31 PM

Dave Woodson

Dave Woodson - Chesterton, IN

Not the Average Agent

100% are going the way of loch ness, they have been given the bad rap and most people took it hook line and sinker

Dave

Aug 31, 2008 03:33 PM

Anonymous

Mary

There is a bill introduced on July 31 that would reinstate downpayment assistance. The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) will allow downpayment assistance to continue indefinitely.

Visit www.DPAGroundSwell.org , a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance.

Additionally, here is a link to send a letter. It takes just a few seconds and has pre-written paragraphs from which to choose. When you fill out you contact information with address and zip it automatically sends to your representatives. http://capwiz.com/nehemia/issues/alert/?alertid=11709431 .

Thank you for your time.
Mary

Sep 08, 2008 06:30 AM

Great News!

The House Financial Services Committee passed the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694).

Keep up the great work in supporting this bill by using the link below:

Click or copy and paste 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

Thank you again for your time.

Sep 16, 2008 07:44 AM

FHA down payment assistance loans almost GONE.

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Toni M. Rose

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