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The
mortgage and financial news this week has come quick and
fast. We just wanted to take a moment and help you fully
understand what is happening.
The House has approved the Foreclosure
Bill and the President has already signed it! The
understanding is that after October 1st, 2008 there will
be no Down Payment Assistance
offered any more. We will have 60+ days before this
happens.
So if you
are considering owning a home at this point with Down
Payment Assistance, please contact us now so that
we can prequalify you now for a no money down FHA
mortgage before they disappear.
It's amazing
that they would take Down Payment Assistance away
without replacing it with something else. This will
eliminate a huge segment of our population that suddenly
cannot qualify for a home mortgage.
You can still get your down payment from other
sources for a no money down FHA mortgage:
An outright gift of
the cash investment is acceptable if the donor is the
borrower’s relative, the borrower's employer or labor
union, a charitable organization, a governmental agency
or public entity that has a program to provide
homeownership assistance to low- and moderate-income
families or first-time homebuyers, or a close friend
with a clearly defined and documented interest in the
borrower. The gift donor may not be a person or entity
with an interest in the sale of the property, such as
the seller, real estate agent or broker, builder, or any
entity associated with them.
The Down Payment Assistance (DPA) portion of the Bill is as follows:
"SEC. 2113. Cash Investment Requirement and Prohibition
of Seller-Funded Down Payment
481
(C ) Prohibited Sources
In no case shall the funds required consist, in whole or
in part, of funds provided by any of the following
parties before, during, or after closing of the property
sale: (i)The seller or any other person or entity that
financially benefits from the transaction. Any third
party or entity that is reimbursed, directly or
indirectly, by any of the parties described in clause (i).
This paragraph shall apply only to mortgages for which
the mortgagee has issued credit approval for the
borrower on or after October 1, 2008."
Contact Ameristar Mortgage today to get a no money
down FHA mortgage before they are gone!
Additional
FHA information
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