OH NO! Nehemiah is going, GOING, GO..............................................

By
Real Estate Mortgage Broker with Seacoast Mortgage Corporation, RI, MA & CT

The housing crisis will get worse if the down payment assistance programs go away!  These have been great programs for those who have little money and wish to keep their money as a "cushion" in the bank for those "rainy days". 

The price was increased by 3% and as long as the home appraised, the buyer financed 97% of the increased price, thus saving on placing a down payment. 

Soon the consumer will need to use up all their savings to place not 3% but 3.5% down on FHA loans.  Their "cushion" will be trashed and if there is any "rainy day", they will become part of the crisis.

WE NEED TO KEEP THESE PROGRAMS ALIVE!  Is anyone listening in the "Ivory Tower"?

Ann Sabbagh

Vice-President

Seacoast Mortgage

www.annsabbagh.com

 

Posted by

Ann Sabbagh, Vice-President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

 

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Location:
Rhode Island
Groups:
Mortgage Referrals Only
Mortgages
Shop Under One Roof!
Tags:
nehemiah
downpayment
down payment

Comments 9 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the sunglasses to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
2,327
Pat Underwood
Long and Foster Roanoke Virginia

My thoughts exactly Eric.  These loans should have been only for those with at least decent credit, rental history, job history, etc. 

August 26, 2008 08:31 PM
Rainmaker
340,180
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners

As an agent that is heavy on listing .. I have seen offers written on properties that I felt at the time of listing were at the top end of the neighborhood price range.. and here the offered

Full price plus 3% closing cost 3% DPA and $495 DPA funding fee .. the agent did even try to bring the purchase price down to the bottom of the area market value .

August 26, 2008 08:43 PM
Anonymous #7
Anonymous
Peggy Sue

HR 6694 can help protect this slowly falling industry from caving in completely. HR 3221 raises the downpayment to 3.5%. Risk based pricing will raise MIPs, and once again the middle and low income families will be locked out of homeownership.

www.dpagroundswell.org allows you to write to your elected officials via email to support DPA reform. It also  offers a lot of facts about downpayment assistance and how it's helped thousands of buyers.

It's not too late. We need downpayment programs to pull this market out the slump and keep closing these deals!

August 28, 2008 01:22 AM
Rainer
157,547
Michael Kitsch
Coldwell Banker

Now that Nehemiah is gone, what are you using and how do you like it?

February 02, 2011 12:57 PM
Rainmaker
114,255
Ann Sabbagh
President, Sr. Loan Officer
Seacoast Mortgage Corporation, RI, MA & CT

Hi Cheryl, There is no replacement for Nehemiah.  The world is down to FHA: 3.5% down; USDA: 100%; VA: 100%, FNMA max 97%: all loans subject to their own FICO score & lending criteria.  I miss Nehemiah!

February 02, 2011 01:17 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pencil to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
114,255

Ann Sabbagh

President, Sr. Loan Officer
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Seacoast Mortgage: Your place for:RI loans, MA loans, CT loans, FL loans, commercial loans, residential loans, FHA, VA, USDA, 100% financing, FSBO (for sale by owner) assistance. Find a loan in RI, find a loan in MA, find a loan in CT,RI mortgages,CT mortgages,FL mortgages,MA mortgages. Do you qualify for a loan? At Seacoast Mortgage, we qualify you within your means. What you can afford is different than what you qualify for. Call us today!