Time is running out for seller funded down payment assistence

Reblogger Julie Chapman
Real Estate Broker GREC Broker 206878

 

Original content by Roger Howell

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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Julie Chapman
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
Rainmaker
523,710
Jeremy Blanton
210 Consulting~ Social Media Advisors

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
Rainer
52,831
Carey Pott
January Financial

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

August 27, 2008 10:04 PM
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C Tann-Starr
Tann Starr & Associates, Inc.

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
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Julie Chapman
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
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Additional Information

When dealing with an asset as valuable as real estate, Confidence is the key word. You need to feel sure that your agent not only knows how to get the results you want, but has the passion and enthusiasm to deliver. At Chapman Realty, we have a "can do" attitude. We're with you every step of the way. The staff of Chapman Realty is dedicated to earning your Confidence before, during, and after your sale or purchase in Brunswick and the Golden Isles (Saint Simons Island, Jekyll Island, Sea Island) of Georgia. If you are having trouble paying your mortgage and would like to speak to a Short Sale and Foreclosure Resource Specialist or a list of foreclosure homes or a newcomer's guide, please visit Chapman Realty's website at http://www.juliechapman.com, call Chapman Realty at 1-912-270-6767 or email Chapman Realty at chapmanrealty@yahoo.com. To learn more about Brunswick and the Golden Isles of Georgia, visit http://www.thegoldenislesblog.com and learn more about our lifestyle.