Misinformation: Why Do Others Keep Telling Buyers that Orange County FL DPA $ is All Gone?

By
Real Estate Agent with Casa Latino Four Corners, REALTOR, CDPE

MISINFORMATION About Loans and Down Payment Assistance--

Specifically about Orange County Down Payment Assistance is Running Rampant

Well, I am not a mortgage specialist, loan officer, lender, and I have no affiliation with Orange County Down Payment Assistance BUT I have successfully gotten money from them for a Buyer I worked with recently and I am constantly faced with people spreading misinformation about their program, probably because the information is confusing in and of itself and partly because everyone involved in a transaction with them must jump through many hoops (the Buyer, the Loan Officer, the REALTOR, and sometimes the Seller, too).  That may be why they get a bad rap BUT--it's worth it for the Buyer who has little or no down payment and is willing to jump through those hoops.  

Most recently, I was told by a two well-meaning people that our Orange County Down Payment Assistance Program for First-Time Home Buyers is all out of money.  That is just not the case (for this week).   

In the first instance, the well-meaning Loan Officer I was recently introduced to said flat-out:  "I just came from a meeting in which we were told that the money is almost all gone." 

In the second instance, I was at a listing appointment/Seller initial consultation and the Seller told me that another agent that she had met with said to her that that money is "all gone." 

Hmmm.  While it IS true that there is a lot less money available from Orange County's DPA/SHIP Program, there still IS money available (at least, as of this week).  How do I know?  Because on Friday, a Loan Officer for one of the Buyers I'm working with told me we got the thumb's up from OC DPA for a new property.  That particular Buyer doesn't own the property yet but when the county has the entire loan package and the county reviews the file and says "yes," then it's very likely that it'll go through.  That fact doesn't mean it's a done deal but it's likely to mean the money is still there. 

So, if you are hearing that a particular loan program is or isn't available or that a particular county or city's down payment assistance funds are or aren't available, please check your source.  Well-meaning people may or may not have all the pertinent information.  Or, maybe they're talking about another program entirely.  Or, maybe they know it's just a very difficult transaction to put together and don't want to bother.  These programs are near-to no down payment (100% financing is still available to some people and for some properties) but the Buyer must have at least $1,000 into the transaction.

Well, in the course of writing this post, I heard another agent in my office say "Down Payment Assistance is GONE" and I literally cringed.  He confused another lady in my office b/c he didn't qualify his statement by adding "Seller-Funded" DPA is gone, which is true--at least for the time being.  But, that may be coming back in a limited form, too.  The confused lady in my office did the right thing, though--she got more information and is better-educated because of it.  Do the right thing for yourself--GET MORE INFORMATION before you give up entirely. 

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Rainmaker
416,376
Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Lisa, dontcha just love all of the well-meaning nay-sayers? This will be useful to your readers. Good post. ;-)

Pepper

Feb 03, 2009 08:39 AM #1
Rainer
68,716
Lisa Spalding
Casa Latino Four Corners, REALTOR, CDPE - Longwood, FL
REALTOR, CDPE

Hey, L.I.R./TeriE!  Thanks so much for the comment.  And, I have my Twitter hooked up with AR but am stumped about how to get Facebook to update w/ them as well.  But, I'm ploughing through all your helpful info and I'll get it to update all at once someday.  :) 

Feb 03, 2009 09:12 AM #2
Rainmaker
1,026,071
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

The money targetted for properties that need at least 5K of rehab is still there.  We just closed a deal with that last week. It pays who you listen to.

Feb 03, 2009 09:27 AM #3
Rainmaker
300,425
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes

I agree I had to tell another realtor on my listing who was misguided by the lender putting on the hands class and told them no OCDPA funds I had to reguide her. It's terrible just cause Seminole is retarded with their funds doesnt mean the other agencies cant manage it.

Feb 03, 2009 01:04 PM #4
Rainer
68,716
Lisa Spalding
Casa Latino Four Corners, REALTOR, CDPE - Longwood, FL
REALTOR, CDPE

Rob-  Yep, the "Substantial Rehab" of $5,000+ to a property IS still available.  So, an existing home with $5,000 or more substantial improvements to it within the past 12 months and newly-built properties are still go to go for that program.  The new house above obviously qualifies and I am positive the Loan Officer I was referring to was shocked that we got a "yes" back so quickly from OC DPA (about a weeks' turn-around time from them!).  They see "new house," they just blow it through quickly.  I had a few days earlier gotten an email from him that their turn-around time now was about 3-4 weeks and we heard back in a WEEK.  Unbelievable.  Good, but unbelievable.  I closed on in December where the Buyer got $30,000 from them and basically has an completely rehabbed house.  Basically, a nicer house than mine, with all the remodelling, newer roof, brand-new kitchen, newer A/C, etc.  LOL.

Heather- Yep, Seminole County gives out WAY too much money at one time for a Buyer and, while OC is a pain to deal with usually, at least they give out enough to cover down payment and some closing costs, or enough to be helpful and not hurtful.  :)   

At that Seller appointment above, the other agent is actually being hurtful relating incorrect information b/c now that owner is confused and not making any decision at the moment.  So, by the time she makes a decision to act, who knows if that money will still be available?  Grr.

 

Feb 03, 2009 11:28 PM #5
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Rainer
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Lisa Spalding

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