Free First Time Home Buyer Workshop - Baltimore County - Harford County - November 8, 2008
November 15, 2008 at 11:00AM
9106 Philadelphia Rd Suite 108
Baltimore, MD 21237
Seating is limited, so please RSVP by calling or emailing:
Bob Lowery, Consultant
Prosperity Mortgage Company
410.248.1762 Tel
443.653.1720 Mobile
Bob.Lowery@prosperitymortgage.com
· FREE Home Buyer's Guide
· FREE credit analysis
· Special Savings and Coupons just for attending
I am available seven days a week. If this date does not work for you or if you would prefer an private appointment, please feel free to call me for a FREE, no obligation, and confidential appointment.
For all your purchase and refinance needs, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com.
Bob Lowery, Mortgage Consultant
Prosperity Mortgage Company
410.248.1762 Tel
443.653.1720 Mobile
Bob.Lowery@prosperitymortgage.com
I recently received responses from Senator Mikulski and Rep Ruppersberger. They are representatives in Maryland.
I published their first letters and it honestly looked like they didn't even read my letter the last time. So, I decided to write again. It now appears they have seen the numbers and the affects of eliminating these programs.
After the NAR reported a 1.4% increase in September, 2008, I was confident the elimination of DPAs on October 1, 2008 had a huge affect on this. It obviously created a sense of urgency to ratify a contracts sooner and moved people off the fence.
I agree with HR 6694 and feel the should tighten up on credit and reserves, along with risk based UFMIP. This will certainly compesate for the added risk and should give us some sort of help for these borrowers.
Yea, you can argue that they artificially inflate prices, but so do seller concessions from the seller, which FHA allows 6% seller help. Bottom line is we need help with programs for borrowers that don't have enough money saved or don't want to use up all their savings, yet have very good credit, rental history, good jobs, and cash reserves.
Below is the letter from Dutch. I look forward to more promising news.
From: Congressman C.A. Dutch Ruppersberger [mailto:imamd02@mail.house.gov]
Sent: Tuesday, October 28, 2008 4:07 PM
To: Lowery, Bob
Subject: Reply from Congressman Dutch Ruppersberger
Dear Mr. Lowery:
This letter acknowledges receipt of your communication regarding Department of Housing and Urban Development regulations for down payment assistance, and I am pleased to provide this update.
As you know, the Bush Administration last year proposed regulations to dramatically restrict down payment assistance. Earlier this year, a federal court rejected those regulations. However, the Administration pushed ahead with a new plan to eliminate the program entirely and successfully added a provision in the compromise housing rescue package approved by Congress in July. This provision terminated the program in September. Ironically, we saw the first increase in existing home sales during September, and that increase was due primarily to a dramatic increase in the number of purchasers who took advantage of this important program just prior to its expiration.
Fortunately, many in Congress are working to reinstitute a reformed down payment assistance program. H.R.6694, the Federal Housing Administration's Seller-Financed Down Payment Reform and Risk-Based Pricing Authorization Act, was introduced on July 31, 2008 by Congressman Al Green and was referred to the House Committee on Financial Services. After several hearings, the Committee approved an amended bill on October 2, 2008, which would recreate a new down payment assistance program. The full House has not yet acted on this bill; however I am hopeful that we will consider it when Congress returns in mid-November.
H.R. 6694 would revise the requirements for seller-financed down payments for single-family housing insured by the Department of Housing and Urban Development. The bill would authorize risk-based insurance premiums for certain individuals with these mortgages. We must look at all possible ways to stimulate the struggling housing market and help stabilize housing prices. Many sellers and credible non-profit organizations use down payment assistance to help first-time homebuyers achieve the American dream of owning their own home, and I support those programs. Home ownership has far-reaching benefits, including an increased tax base, improved communities, higher quality schools, and wealth creation through home equity.
Thank you for sharing your views on this issue. Please do not hesitate to contact me in the future if you have any questions or comments. To receive additional information about issues that are facing Congress, Maryland and the Nation that may affect you and your community, please visit me at my website at www.dutch.house.gov and sign up for my periodic e-mail newsletter.
Sincerely,
C.A. Dutch Ruppersberger
Member of Congress
Please do not respond to this e-mail. This mailbox is unattended. You can e-mail me by going to my website at www.dutch.house.gov
For FREE Pre-Approval, please contact Bob Lowery at 410-248-1762 or email to Bob.Lowery@Prosperitymortgage.com
About Prosperity Mortgage
Wells Fargo Home Mortgage (our parent company) has over 150 years of experience in mortgage lending and they are the most stable and secure mortgage lenders in the county.
Wells Fargo holds over 95% of the loans they originate so they will, most likely, always service your mortgage.
Wells Fargo has been the #1 retail Mortgage lender in the USA for the last 15 years and is the only AAA Rated Bank in the world.
Prosperity Mortgage is Wells Fargo's largest joint venture and we are the 4th largest lender in the Baltimore/Washington area.
Yes, that is correct. 100% Financing is still available. The Maryland Mortgage Program is offered by a select few lenders and offers 100% financing. There is certain credit criteria required and some great features.
Program is permitted in all Maryland counties and Baltimore City. Income and Max Loan amounts vary per county.
Rates are determined by the State of Maryland and not the lender. Rates do not vary unless changed by Department of Housing and Community Development.
For updates and further information, please visit www.morehouse4less.com or contact Bob Lowery for a FREE pre-approval at 410-248-1762 or email him at bob.lowery@properitymortgage.com
About Prosperity Mortgage
Wells Fargo Home Mortgage (our parent company) has over 150 years of experience in mortgage lending and they are the most stable and secure mortgage lenders in the county.
Wells Fargo holds over 95% of the loans they originate so they will, most likely, always service your mortgage.
Wells Fargo has been the #1 retail Mortgage lender in the USA for the last 15 years and is the only AAA Rated Bank in the world.
Prosperity Mortgage is Wells Fargo's largest joint venture and we are the 4th largest lender in the Baltimore/Washington area.
Yes, that is correct. 100% Financing is still available. The Maryland Mortgage Program is offered by a select few lenders and offers 100% financing. There is certain credit criteria required and some great features.
Program is permitted in all Maryland counties and Baltimore City. Income and Max Loan amounts vary per county.
Rates are determined by the State of Maryland and not the lender. Rates do not vary unless changed by Department of Housing and Community Development.
For updates and further information, please visit www.morehouse4less.com or contact Bob Lowery for a FREE pre-approval at 410-248-1762 or email him at bob.lowery@properitymortgage.com
About Prosperity Mortgage
Wells Fargo Home Mortgage (our parent company) has over 150 years of experience in mortgage lending and they are the most stable and secure mortgage lenders in the county.
Wells Fargo holds over 95% of the loans they originate so they will, most likely, always service your mortgage.
Wells Fargo has been the #1 retail Mortgage lender in the USA for the last 15 years and is the only AAA Rated Bank in the world.
Prosperity Mortgage is Wells Fargo's largest joint venture and we are the 4th largest lender in the Baltimore/Washington area.
Specializes in FHA, VA and Conventional purchases and refinances. Services Baltimore and surrounding counties! Available 7 days a week!!!
Life long resident of Baltimore and Harford Counties.
Over eighteen years of experience within the mortgage industry. Successful track record of originating and managing a sales force and operations; including processing, underwriting and funding departments.
FOR MORE INFORMATION OR A FREE PRE-APPROVAL, PLEASE VISIT: www.marylandhomeloansonline.com
Specializes in FHA, VA and Conventional purchases and refinances.
Wells Fargo Home Mortgage (our parent company) has over 150 years of experience in mortgage lending and they are the most stable and secure mortgage lenders in the county.
Wells Fargo holds over 95% of the loans they originate so they will, most likely, always service your mortgage.
Wells Fargo has been the #1 retail Mortgage lender in the USA for the last 15 years and is the only AAA Rated Bank in the world.
Prosperity Mortgage is Wells Fargo's largest joint venture and we are the 4th largest lender in the Baltimore/Washington area.
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