Congress Stabs FHA Buyers Heart
Posted by admin | Under down payment assistance Sunday Dec 20, 2009
Congress agree to add a component to HR 3221, SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT ASSISTANCE. This sneaky, underhanded, despicable, hurtful, lousy addition to the BILL not only stripped away all forms of DPA (Down Payment Assistance program help for the FHA buyer, but… to add some salt to the already bleeding pool of potential home buyers, our brain dead House of Representatives, also saw fit to increase the minimum FHA down payment requirement from 3% to…
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im so bOrEd! msg me …
im so bOrEd! msg me! my id is in my youtube profile! 6
“The fund lost an …
“The fund lost an unanticipated $4.6 Billion due to these false downpayment gifts being promoted by greedy Realtors and lenders.” Not even close – not even reality. (A) cite your source and (B) cite your knowledge and position. Your number is COMPLETELY fabricated.
There is no …
There is no downpayment.
This program is fraud against the homebuyer and America’s FHA Insurance Fund.
The fund lost an unanticipated $4.6 Billion due to these false downpayment gifts being promoted by greedy Realtors and lenders.
It’s time for the long arm of the law to mete out some justice.
There is no …
There is no downpayment.
This program is fraud against the homebuyer and America’s FHA Insurance Fund.
The fund lost an unanticipated $4.6 Billion due to these false downpayment gifts being promoted by greedy Realtors and lenders.
It’s time for the long arm of the law to mete out some justice.
The argument that …
The argument that DPA programs are the straw that broke the mortgage industries back is absolutely false. FHA DPA loans were less than 1/2 of 1% of all loans being made during the lead up to the mortgage meltdown. The argument is simply a scare tactic spouted by Washington and media pundants.
Just my additional 2 cents… and… of course… all a mute point in as much as the President signed the BILL into law. End of comment. Bye for now Lori & G-II
If the seller …
If the seller reduced the price of the home to $193,000, the required down payment is now $6,755. The bottom line is that the buyer still has to come up with 96.5% of the original $7,000 down payment. The price reduction made by the seller only benefited the buyer’s entry requirement by $245.00. How the heck is that helpful to the buyer… who didn’t have $7,000 dollars for a down payment, let alone $6,755. More in next comment
Hello AmJohnStone, …
Hello AmJohnStone,
We appreciate your response… Remember… the FHA loan platform was created for folks with less than perfect credit. The mortgage collapse is not in ANY way connected to FHA loans or Down Payment Assistance. Consider this… under the new law a $200,000 home, financed with an FHA loan, will require a $7,000 down payment. More in next comment
Well, I guess the …
Well, I guess the sellers will just have to lower their prices to be more in line with the market. The buyer should be prepared to purchase with an appropriate down payment (20%+) or that “buyer” really has no business being in the market in the first place!
government is bad.. …
government is bad…but greed has no bounds…a lot of these real estate brokers and lenders/refinancers/adjustors were part of the reason why people were buying houses they couldn’t afford. As long as they got their percent of the pie they couldn’t care less about who was going to get forclosed on.
DPA is so huge here …
DPA is so huge here in Missouri Almost every house we sell is sold with FHA with DPA.
When I noticed this …
When I noticed this in the bill I could not believe that it was real.
the new component …
the new component will keep the market sluggish. good news for investors, bad for l/o’s and agents. viva las vegas.