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

By
Mortgage and Lending 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 more information on FHA loans, please go to this link. The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

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

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

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Rainmaker
362,135
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Good morning Jeff, and thank you once again for all the educational benefits you always provide in your posts. 


Feb 27, 2008 02:59 AM #1
Rainer
339,851
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Jeff, I'm a bit confused. You stated that you think the judge will allow such companies as Nehemiah and AmeriDream to keep operating after March 28, 2008 but then said don't be the one who ran out of time or missed the boat. 

Do you mean that you don't believe the court ruling will come down in favor of keeping the Nehemiah and Ameridream programs active?

There is alot of nail biting going on in Michigan waiting for this to be resolved.  If it fails, it will hurt home sales even more.  

 

Feb 27, 2008 03:49 AM #2
Anonymous
Anonymous
Thanks for reminding us of two great programs.  Too often these things get lost in the maze of options.
Feb 27, 2008 06:41 AM #3
Rainer
22,764
Sherry Connor
Myers Park Mortgage - Charlotte, NC
This is going to be a "big" deal if it happens.  I feel like the industry is going back in time.  Pretty soon we will all have 5 products to sell...and the homeowner will need 20% down! HAHA  Let's hope not.
Feb 27, 2008 06:55 AM #4
Rainer
185,145
Matthew Rosov
Amerisave Mortgage Corporation - Laurel, MD
Certified Mortgage Planning Specialist
As always - information is wanted or needed and Jeff brings it up!  Thanks for keeping us up to date!
Feb 27, 2008 06:55 AM #5
Rainmaker
253,606
Kent Simpson
Tierra Antigua Realty - Downtown - Tucson, AZ
Real Estate Is About People
Thanks for the info & the "heads-up"  looks like it is time to write a letter or two to my congressman and senator!
Feb 27, 2008 08:54 AM #6
Rainmaker
89,047
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert
Thanks for the informatin... you have opened a whole new world for me in FHA... you are the best!!!
Feb 27, 2008 10:43 AM #7
Ambassador
739,304
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

SUSIE....  my pleasure and thank you for the kind words.

 

KRIS.....  I love when someone actually reads the whole thing and asks a question when not sure. I don't get that often.  ;o)  Seriously, what I am trying to say is, if you are in the process or actually have something picked out, don't fool around with it. Do it now. Make sure that you are dealing with a lender that can not only process an FHA loan quickly, but the Nehemiah side. Because if this doesn't go through or the judge doesn't extend this date, then there is only a month left. Do I hope that this gets extended?  Yes... am I 110% sure that it will?  No....  I am just putting both sides out there. I call this awareness, making the general public aware of what is going on. Informing...

Now, is this whole movement political?  Probably part of it. But we need to weed through the politics and make it as business as usual. And I agree, especially in your area, if this doesn't go through or gets extended, it's going to hurt a lot of people from buying homes. But I guess there is two parts to this. If they can't even save 3% on their own, should they even be buying?  If one is living paycheck to paycheck and buying a house, that is part of these foreclosures. You need a cushion when owning a house. Just my opinion. Thanks for asking about this and I hoped it helped some. 

 

DAN....  yes, stuff like this gets lost. I wonder how many lenders atcualy remember that we have a month left. That we won't know about any decision to continue this until the end of this week. 

SHERRY.....  back in time....  it's felt like that for the last 6 to 8 months.  But yes, if this doesn't go through, then it will hurt a lot of home buyers. Now, what's weird is that I don't do many of these to begin with. Many people have 3% or they get some lender that sells them out of the idea some how... lol  But one thing I can hopefully assure is that we will never be going back to 20% down. FHA will more in likely stick to their guns with the 3% of the buyers own funds financing. 

MATTHEW.....  my pleasure and thanks for stopping by.

KENT.....  I think it would help, especially if the judge kills the whole program.

RICK... my pleasure and if you ever have any questions about FHA in general, just read my stuff... lol  Seriously, just e-mail me or call me.  thanks 

 

Feb 27, 2008 11:01 AM #8
Rainer
339,851
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Jeff, thanks for clarifying :-)  I agree with you that it is best to see buyers have the 3% down and some reserves.  For those who don't have the 3% it doesn't necessarily make them a higher candidate for foreclosure though in my opinion.  

I have worked with many many buyers over the years who have utilized the Ameridream program with little out of pocket (upfront homeowners insurance, good faith deposit, inspection costs, etc ) and they have done well.

Those programs are truly helpful to the younger buyer who is fresh out of college or moving out of Mom and Dads home or newly married.  

Now we wait and see.. 

Feb 28, 2008 04:46 AM #9
Rainmaker
2,044,786
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
Thanks for all the great information on mortgages you share with us.
Feb 28, 2008 07:06 AM #10
Ambassador
881,088
Larry Bettag
Larry Bettag - Cherry Creek Mortgage - Saint Charles, IL
Regional Vice-President

Hey captain Grand Slam....nice post....you're awesome at what you do.  FHA is the way to go.....I can't wait to see what happens next Monday.

Feb 28, 2008 08:45 PM #11
Ambassador
916,066
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

How timely!  I just got a flier from a lender today, promoting Ameridream, and I thought to myself "that looks like the Nehemiah Program."  'Didn't know Nehemiah was still alive... 'used it a lot years ago.

Not sure I understand why these may be coming to an end with FHA, and I hope I can look back on your blog in a few days to read the status of this.  Thanks, Jeff!

Feb 29, 2008 09:58 PM #12
Rainer
27,561
Marlo Newman
W.J. Bradley Mortgage Capital - Scottsdale, AZ
Marlo Newman Mortgage Banker 480-326-9858

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.

 

Mar 01, 2008 02:52 AM #13
Rainer
25,635
Sherri Sherpy
iLoan
NMLS #287770

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!

Mar 03, 2008 06:53 AM #14
Rainer
36,061
Ron Fuhrer
Nazareth,Easton, Bethlehem - Prudential Patt, White - Nazareth, PA
Lehigh Valley PA Homes
Thanks!
Mar 07, 2008 08:30 AM #15
Rainer
157,551
Michael Kitsch
Coldwell Banker - Katy, TX

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

Feb 01, 2011 06:24 PM #16
Rainer
157,551
Michael Kitsch
Coldwell Banker - Katy, TX

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

Feb 01, 2011 06:24 PM #17
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