Nehemiah - Ameridream - FHA financing....what does it all mean?

By
Real Estate Mortgage Broker with Social Media - Infinity Home Mortgage Company, Inc

 

running out of time

 
Nehemiah, AmeriDream, and any other down payment assistance program(s) could be ending by the end of March. March 28th to be exact. Does this mean time is running out? It certainly looks like it. If you are in the process with a lender now, you better be on top of them, that they have your loan approved.  Better yet, make sure that they have your money registered with the Nehemiah program or the AmeriDream program.

Is there any daylight showing in regards to what Judge Friedman ruled back in October 2007? Latest on HUD Rule  --  Insert from the link -- Judge Friedman heard final arguments in another downpayment assistance company’s suit against HUD. The judge has taken the case under advisement and will have a decision by February 29, 2008.

For more information on Nehemiah --  http://www.getdownpayment.com/ 

 

 

Time running out

The American Dream.....  it's attainable with the right resources and with the right loan officer. It is harder for the average person to save money in today's economy, which makes programs like Nehemiah and AmeriDream, very important to many homebuyers.

The Nehemiah program is the most used of all the down payment assistance programs.  Nehemiah loans have been a big reason why over 200,000 families have been able to obtain their Dream Home. Stand up and let congress and others know that they should not take this away from the average consumer.

Overall, I would be glad to assist anyone looking to buy a home under the Nehemiah program or the AmeriDream program. We'll at least know if it will be continued soon. But if you are actually serious about buying and had been planning to use the Nehemiah program to assist you in getting into your dream home, don't let it stop you now. There is still time, that's if you actually found a house or if you are making an offer. My guess?  I think the judge will allow such companies as Nehemiah and AmeriDream to keep operating after March 28, 2008. Don't be the one that ran out of time or missed the boat.

 

 

For more information, I wrote a more detailed blog on Nehemiah and how to get into a house with little or no monies.  You can use FHA Nehemiah and these other down payment assistance programs for both FHA mortgages and conventional loans.  Do you truly think that FHA/HUD would want to see these programs disappear?  No...

 

 

 

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For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

 
Copyright © 2008  by Jeff Belonger

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Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

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Topic:
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Location:
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Rainer
27,561
Marlo Newman
Marlo Newman Mortgage Banker 480-326-9858
W.J. Bradley Mortgage Capital

I called the Judges office today and was informed that it was still on his plate and he had not made a decision. I sure wish he would because it would eliminate a lot of confusion in the marketplace.

Judge Friedman
Photo:  Mary Noble Ours

Chambers:  (202) 354-3490

Courtroom Deputy:
   Michelle Moon (202) 354-3155

Court Reporter:
   Linda Russo (202) 354-3244

Judge Paul L. Friedman

Judge Friedman was appointed United States District Judge in August 1994.  He graduated from Cornell University in 1965 and received a J.D. from the School of Law of the State University of New York at Buffalo in 1968.  Following law school, Judge Friedman clerked for Judge Aubrey E. Robinson, Jr., of the U.S. District Court for the District of Columbia and for Judge Roger Robb of the U.S. Court of Appeals for the District of Columbia Circuit.  He served as an Assistant United States Attorney for the District of Columbia from 1970 to 1974, and as an Assistant to the Solicitor General of the United States from 1974 to 1976.  Judge Friedman practiced law as an associate and partner with White & Case from 1976 until 1994. He served as President of the District of Columbia Bar from 1986 to 1987, and as Associate Independent Counsel for the Iran-Contra Investigation from 1987 to 1988.  He is a member of the Council of the American Law Institute. 

Click Here to go to Judge Friedman's

This is from Ameridreams website:

February 28, 2008

UPDATE

Gaithersburg, MD - AmeriDream's programs including down payment assistance will continue.  On October 31, 2007 United States Federal District Court Judge Paul L. Friedman ruled in the case of AmeriDream v. Jackson that the Department of Housing and Urban Development could not implement its regulation on downpayment assistance. As a result of that ruling, the HUD regulation will never be effective at any date, or with respect to any downpayment assistance provider, unless the ruling blocking the regulation is withdrawn.  Judge Paul L. Friedman, the United States District Court Judge who issued the ruling blocking the HUD regulation, confirmed today in an oral statement that the regulation is, and will remain, of no force or effect with respect to any downpayment assistance provider until such time as a decision is made to the contrary by the court.

Furthermore, please be advised that while the judge said that he expected to issue a ruling on or before February 29, 2008, the injunction will remain in place until that ruling is issued - regardless of whether it comes before or after February 29. HUD issued a notice on November 1, 2007 stating that AmeriDream and other downpayment assistance providers are allowed to continue providing down payment assistance because of an injunction issued by a federal judge.

In issuing the injunction, Judge Friedman agreed with AmeriDream's position that there was a "substantial likelihood" that the regulation violated applicable law." Judge Friedman further stated that the regulation lacked a "reasoned analysis" and was based on "flimsy" support. Judge Friedman also questioned whether HUD acted appropriately in issuing the regulation in view of a published report that Secretary Jackson was committed to that course of action regardless of whatever public comments HUD would later receive. In view of those shortcomings and other considerations, Judge Friedman issued an injunction, effective immediately, preventing the regulation from taking effect.

As we all await Judge Friedman's final ruling, we encourage you to continue working with us to help low and moderate income individuals and families purchase their own homes through the provision of downpayment assistance.

As the Gold Standard for down payment assistance, AmeriDream remains committed to continue to fight the HUD Rule and to continue its mission to help individuals and families that are in need of a DPA program. Please check http://www.ameridream.org/ for the latest information regarding the HUD Rule.

AmeriDream is fully prepared to meet your DPA needs and to assist you with any transition issues as a result of the HUD Rule. Please contact your Outreach Representative or Customer Service
(or call 1-866-263-7437) for timely and professional service.

Again, thank you for your valuable support through this process.

 

March 01, 2008 02:52 AM
Rainer
25,635
Sherri Sherpy
NMLS #287770
iLoan

Thank you, Jeff and Thank you, Marlo Newman!  This is all great information, as there are so many of us waiting to hear the final outcome...when and if that day comes.  Marlo, I think you need to put your comment as a separate blog so people can find this info!

Thank you, again!

March 03, 2008 06:53 AM
Rainer
36,061
Ron Fuhrer
Lehigh Valley PA Homes
Nazareth,Easton, Bethlehem - Prudential Patt, White
Thanks!
March 07, 2008 08:30 AM
Rainer
157,547
Michael Kitsch
Coldwell Banker

So, now that Nehemiah is gone, do you have a favorite that works for ya?

February 01, 2011 06:24 PM
Rainer
157,547
Michael Kitsch
Coldwell Banker

So, now that Nehemiah is gone, do you have a favorite that works for ya?

February 01, 2011 06:24 PM
Anonymous
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