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HOPE program from Hud original 1% dwn required & now is 8%, is this usual?

the 1% dwn payment was why we started the prgrm, now they ask for 8%, fixed income, and permanent disabled, plus why would a bank(citybank) not use down payment assistance program from city?(sanbernardino)
  • December 27 2008 - San Bernardino
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Answers (2)

I've run into a number of situations where the banks that own properties do not want to become involved in escrows with down payment assistance programs as they tend to take longer, and depending on the time of year, sometimes the money for the programs dries up. This is going to be true as the various counties and municipalities have financial problems. This was especially true at the end of the year.
  • March 15 2009
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Until people realize that HOPE now is just another "exotic" loan program, you won't be the only one asking that question. These programs have done nothing to distressed homeowners except add insult to injury. You're buried in debt for the rest of your life. You may probably want to re think your position and seek options. So much for HOPE.
  • December 30 2008
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