Finally we have some relief for those potential home buyers out there with good credit.
Just got this program today -
I have a lender with whom we can now do 95/5 combo loans for 100% financing. Buyer needs to have a 620 credit score.
It is for a select type of home buyer, and could be very useful for someone needing help who does not want to put money down on their home purchase.
Here are the basic requirements...
Must have "approve eligible" through Fannie's AU system, and have no prior bankruptcy, tax liens, judgments, short sales, repossession, garnishments, etc.
While this may eliminate a lot of folks, remember - the lender is looking for those who can demonstrate a strong probability of on time payment performance. They basically need a clean credit history. Max DTI is 45%
Reserve Requirement: only one month PITI from borrower's funds
3% Max seller concessions/contributions
It is for the Purchase only of a primary 1-2 unit residence, townhouses are allowed, but no condos. ( Borrower can not own any other properties at time of closing).
This is another great tool we have at our disposal to help everyone close more deals.
We can lend in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Feel free to contact me for more details.
| For Immediate Release: September 16, 2008 | CONTACT: Henry Fawell(410) 545-5830 |
H.R. 6694 is approved by key Congressional Committee
Bipartisan legislation would reauthorize downpayment assistance
GAITHERSBURG, MD - Ann Ashburn, President of AmeriDream, issued the following statement today after the House Financial Services Committee adopted H.R. 6694, legislation designed to reauthorize and reform downpayment assistance programs that the Bush Administration banned in July.
"Today's committee vote was a positive step toward preserving downpayment assistance, but our work is far from over," said Ashburn. "Now more than ever, members of Congress need to know that Americans are watching their vote on H.R. 6694. I encourage members of the public to tell their representatives in the House and the U.S. Senate that a vote for H.R. 6694 is a vote for the next generation of homeowners."
H.R. 6694 would reinstate FHA seller downpayment assistance for persons with certain credit scores. Learn more about H.R. 6694 by visiting www.supporthomeownership.com.
Great news from Nehemiah this morning!
Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement
Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.
The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.
According to an Inman News article published today, Chairman Frank is quoted as saying "The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing," Frank said at Saturday's hearing. "That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground -- and it will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD."
Thanks to the advocates of downpayment assistance, there is significant momentum in this direction. Nehemiah urges all supporters to continue their campaign to save DPA by contacting their Senators and request a swift passage of pro-DPA legislation.
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