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Replies (9)
- Dan Hayden, "Dan Hayden"
- Contributions:293
I think raising the FHA minimum to 3.5% is going to make things more difficult for 1st time buyers which ripples threw the rest of the market. My understanding is that the sellers assist is still OK. But the Nehemiah’s of the world are going the way of the dodo. Watch the count down clock here. http://getdownpayment.com/
- Eric Hopkins, "Eric Hopkins"
- Contributions:13
I feel that that a buyer should have something at risk. If they don't they are more likely to walk away. Really is 3.5 percent to much to ask? If you can't save 5 to 10K should you own a home?
- FERMI
- Contributions:272
Seller can still pay closing costs and prepaids, but no down payment assistance. They gave us a $7500 tax credit (that has to be paid back over 15 years) which may help offset DPA. Depends on whther we can use it somehow for down payment. Details are still foggy.
New loan limits are only for high cost areas.
- CA Mortgage Broker
- Contributions:14
Here is a pretty good summary of the key points of the new Housing Bill signed yesterday and in effect 10/1/08.
http://www.bankrate.com/brm/news/mortgages/housing-bill-20080725a1.asp
- p x, "1111nnnnnhhhhhhggggg"
- Contributions:120
One thing about the bill I don't like. Say you get bailed out and 20K is forgiven. If you were to sell or refinance the home after a year, FHA gets 100% of the appreciation if there is any if refi. or sale occurs in less than a year. In two years they get 90%. In 3 80%, in 4 60%, and in 5 they get 50%. They will never get less than 50% of your full home appreciation. Let's say you stay in your house for 15-20 yrs, and finally decide to sell it 15 or 20 yrs later, prices on homes will surely have gone up. Let's say, (hypothetically speaking) that your home were to quadruple in price and the appreciation on your home was 350K...FHA law states that they get 50% of your home's appreciation so they would get 175K from that appreciation from that and you get the other half.
Maybe I read it wrong but I read the summary on bankrate.com and that's what I got. Maybe there is a stipulation stating that they get 50% or the full amount that was dismissed, whichever is less, but based on the bankrate.com summary, you can't tell.
vote4pedro: well, if somebody doesn't like the terms, they don't have to sign. Personally, it seems to me that selling the home quickly after accepting the bailout would be the way to go. then, buy another home.
- AZMortgages
- Contributions:32
I tend to agree with the statement that a borrower should have some "skin in the game" to prevent them from walking away from the property when times get tough. Thank you for the links to H.R. 6694 and to the summary.
- AZMortgages
- Contributions:32
Please disregard my last statement about the links to H.R. 6694. I was trying read two things at once and referenced the wrong bill. I don't know if anyone else saw this so I wanted to contribute to the community. I received this August 1st from Ameridream.
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.
The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers.
- CATHY SLOAN
- Contributions:477
Our Ameridream representative told us about this. He also said that HR6694 would more than likely not be voted on until 2009
Housing Bill
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- 0.0/5.0
Contributions:13Well here it is and it has some big changes! Who has taken the time to read all 600+ pages? The notable changes I have found is that the seller will not be able to fund the down payment and loan the conforming loan limits will be $625,000. Also did you see the FHA min down payment will go to 3.5%.I think this is all just fine! Let's hear what you have to say.
Copy of the Bill in its 700 page glory:
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h3221eas2.txt.pdf
Eric Hopkins
703-380-4522
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