Time is running out for seller funded down payment assistence

Reblogger Julie Chapman
Real Estate Agent with Lennar

 

Original content by Roger Howell Individual NMLS #74935

As most of you already know, the first of October will bring the end of seller funded down payment assistance.  What you might not know is that many lenders have stopped taking new loans with DPA already.  So far: First Horizon, Suntrust, Flagstar, have stopped.  Taylor Bean and Whitaker will not accept any after Sept. first.  I'm sure that others will be throwing out deadlines between now and then.

The point is, if you have a buyer who is relying on seller funded DPA, they need to get their offer in asap.  Next week may be too late.  You might want to have a backup plan in place if they cant find or get an offer accepted in time.  Gifts will be allowed still, as long as their not from the seller.  Already, we are looking for and have found some traditional grant money, as long as funding holds out.

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Topic:
Lending / Financial
Location:
Georgia Glynn County Saint Simons Island "the Golden Isles

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Ambassador
383,945
Tracy Santrock
Fonville Morisey/Santrock Realty Group, Inc. - Cary, NC
Raleigh - Cary Realtor

I'm glad that  you and I understand the deadline.  Most buyers are kind of oblivious to the concept.    As agents it's our job to let them know the reality. 

Great post!

August 26, 2008 07:09 PM #1
Rainer
207,933
James Wexler
wexzilla.com - Scottsdale, AZ

it is important that people know the deadline, thanks for updating us all. it is a great program that is going away

August 27, 2008 12:30 AM #2
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559,386
Julie Chapman
Lennar - Jacksonville, FL
New Homes Sales

Tracey and James,

I know the deadline and am working hard for buyers to get them in before the deadline and after.....we are looking for new resources....USDA, etc.

 

August 27, 2008 04:25 AM #3
Rainmaker
630,067
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

I am wondering what we will be looking at after the deadline, will there be something new coming from the government to take the place of the SAP's.  Or are they that forward thinking?

August 27, 2008 05:17 AM #4
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559,386
Julie Chapman
Lennar - Jacksonville, FL
New Homes Sales

Don,

There is a bill being worked on now to restore the DPAs but it won't make it before the Oct 1 drop dead date on the bill presently passed to do away with DPAs.

August 27, 2008 06:58 AM #5
Rainmaker
525,699
Jeremy Blanton
210 Consulting~ Social Media Advisors - Myrtle Beach, SC

Ther have been some that have removed these programs here already...and it is starting all kinds of chaos!

August 27, 2008 09:35 AM #6
Rainer
52,831
Carey Pott
January Financial - Foothill Ranch, CA

Thanks for the heads up, I hadn't realized how quickly the date was approaching...

August 27, 2008 10:04 PM #7
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567,248
C Tann-Starr
Tann Starr & Associates, Inc. - Flushing, NY

Julie, I have to say that this really saddens me. What are these non-profits going to do with the funds they have in escrow slated for these programs? They collected that money from for a specific purpose and I can't believe wonderful programs like these which gave helped so many people are under attack like this. I'm hoping they correct this situation soon because life is going to become so much more complicated for buyers who rely on this. 

August 28, 2008 10:12 AM #8
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559,386
Julie Chapman
Lennar - Jacksonville, FL
New Homes Sales

C,

There is a bill on the floor to bring back the DPAs but I don't know how Bush let it pass to begin with- discontinuation of DPAs should have been removed from the economic stimulus bill......

August 29, 2008 06:44 AM #9
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Julie Chapman

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