First Time Buyer Programs

I keep hearing horror stories about people trying to get offers accepted using a Down Payment Assistance program.  I am not having issues with my borrowers using them, so I was just wondering WHY?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 03 2010 - Riverside
We think we've answered this question for you!
 
 

Replies (3)

John,  I think it has more to do with the agents understanding the programs thoroughly and/or the loan officers communication of the products/process.  I find the acceptance of a 203k program is much the same.  I have conducted some pretty extensive research and very few agents understand the 203k at all.  What they do not understand, they do not trust.  Looking forward to seeing some answers from agents.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 03 2010
John, I think it depends on market. Up until recently in SoCal we had an inventory shortage. And the number of qualified buyers exceeded the number of properties so the listing agent could take the offer that they felt had the greatest opportunity of closing in the shortest time frame.
As that dynamic does a 180 and the properties exceed the buyers, we should see more offers accepted using the first time home buyer programs.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 03 2010
I agree with Deborah Garvin, because I am also a RE agent in the Phoenix area. Very few agents know about the DAPs and just don't know how to properly write and submit purchase offers using DAPs. The same is true with the FHA 203(k). I wish more RE agents would take the time to properly educate themselves on these amazing options that are available to them and to their clients. It's "fear of the unknown" syndrome. What they don't know/understand, they are afraid of, which can cause these uneducated professionals to disseminate inaccurate information.
There is a large demand for educated and knowledgeable professionals, including Certified 203k Contractors. I think the RE professionals who do not obtain the education and knowledge that is available will be out of business sooner or later. In the meantime, all we can do is take the proverbial horse to the water, but we can't make them drink it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 03 2010
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
What are my options as a home buyer whose buying a Home with Solar Panels installed?
Profile picture for Dorene Slavitz
Latest reply by Dorene Slavitz
October 12 2013 | 3 answers
buy property in san diego
Profile picture for user2003847
Latest reply by user2003847
May 13 2013 | 2 answers
  • Posted by user1201574
  • In Investing
  • May 12 2013
First Time Buyer Programs
Profile picture for 203k Contractors
Latest reply by 203k Contractors
November 03 2010 | 3 answers
Short sales - multiple contracts
Profile picture for John Valdez
Latest reply by John Valdez
April 28 2010 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2970 Bautista St, Riverside, CA Home For Sale
    2970 Bautista St, Riverside, CA 92506

     For Sale: $299,900

    • Beds: 3
    • Sqft: 1968
    • Baths: 2.0
    • Lot: 8276
  2. 1007 Via Pintada, Riverside, CA Home For Sale
    1007 Via Pintada, Riverside, CA 92507

     For Sale: $355,000

    • Beds: 3
    • Sqft: 2028
    • Baths: 3.0
    • Lot: 2178
  3. 8140 Northpark Dr, Riverside, CA Home For Sale
    8140 Northpark Dr, Riverside, CA 92508

     For Sale: $454,950

    • Beds: 4
    • Sqft: 2617
    • Baths: 3.0
    • Lot: 7405