This last week in real estate has been a lot of hard work! With one of the most popular additions to FHA (the Nehemiah) going away and this really being the last opportunity to get clients into escrow under the program, we had much to do in a short amount of time. Nothing like being the buyers (or agent) when you know you HAVE to put an offer in that week or you won’t be able to have a down payment to buy your first home. For those that don’t know, the program basically allows a seller to do a 3% credit back to the buyer for closing costs and also “grant” another 3% to the Nehemiah Foundation who directly “grants” the money back to the buyer for their down payment. Great way to “work the system” legally and give 6% to buyer for FHA loans. There are similar programs out there now but those that were already planning and pre-qualified under this program want to use it and there is plenty of inventory out there at good prices…oh yes, interest rates are still comparatively low!
Here are a couple ways that everyone can help ensure the continued existence of seller funded DPA loans.
A bill introduced on July 31 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.
Visit http://www.DPAGroundSwell.org, a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance (SF-DPA).
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 for your time.
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.