Comments on: Killing the FHA Program http://www.azmortgageguru.com/killing-the-fha-program/ Home Mortgage Expert in Phoenix, Arizona Fri, 05 Dec 2008 08:14:47 +0000 http://wordpress.org/?v=2.6.1 By: Shailesh Ghimire http://www.azmortgageguru.com/killing-the-fha-program/#comment-1946 Shailesh Ghimire Fri, 11 Apr 2008 19:43:58 +0000 http://www.azmortgageguru.com/killing-the-fha-program/#comment-1946 Mamie N, You make a very valid point. In fact the whole system is being challenged and I'm not sure which way things will fall. However, the way it is right now it helps a lot of lower income borrowers and has been a pathway for homeownership for many deserving families. That is something the courts are figuring into their decision. Mamie N,

You make a very valid point. In fact the whole system is being challenged and I’m not sure which way things will fall. However, the way it is right now it helps a lot of lower income borrowers and has been a pathway for homeownership for many deserving families. That is something the courts are figuring into their decision.

]]> By: mamie n http://www.azmortgageguru.com/killing-the-fha-program/#comment-1939 mamie n Fri, 11 Apr 2008 04:01:40 +0000 http://www.azmortgageguru.com/killing-the-fha-program/#comment-1939 Typically when one donates to a charity one does not get to designate the recipient of the charity's benevolence. One can often choose from a list the charity has of needy individuals, like many Christmas sponsorships. This program was just a scam for the American taxpayer to insure a mortgage on overpriced houses and look what happened because of this and other similar programs. Now the golden goose has been cooked. Typically when one donates to a charity one does not get to designate the recipient of the charity’s benevolence. One can often choose from a list the charity has of needy individuals, like many Christmas sponsorships. This program was just a scam for the American taxpayer to insure a mortgage on overpriced houses and look what happened because of this and other similar programs. Now the golden goose has been cooked.

]]> By: Arizona Mortgage Guru » Blog Archive » FHA Down Payment Assistance Update: HUD Grants Ameridream Exception http://www.azmortgageguru.com/killing-the-fha-program/#comment-881 Arizona Mortgage Guru » Blog Archive » FHA Down Payment Assistance Update: HUD Grants Ameridream Exception Tue, 23 Oct 2007 17:45:02 +0000 http://www.azmortgageguru.com/killing-the-fha-program/#comment-881 [...] this month, the HUD had issued a statement announcing that it would prohibit borrowers from using seller-financeddown payment assistance programs. The major assistance providers have filed suit against this [...] [...] this month, the HUD had issued a statement announcing that it would prohibit borrowers from using seller-financeddown payment assistance programs. The major assistance providers have filed suit against this [...]

]]> By: Shailesh Ghimire http://www.azmortgageguru.com/killing-the-fha-program/#comment-731 Shailesh Ghimire Fri, 05 Oct 2007 21:33:21 +0000 http://www.azmortgageguru.com/killing-the-fha-program/#comment-731 Heather, This new rule goes into effect 30 days after publication. It was published on October 1st. Your current escrow is file. It will certainly affect any files closing after the 30th. The FHA has been sued on this, who knows when this will be settled. Heather,

This new rule goes into effect 30 days after publication. It was published on October 1st. Your current escrow is file. It will certainly affect any files closing after the 30th. The FHA has been sued on this, who knows when this will be settled.

]]> By: Heather Barr http://www.azmortgageguru.com/killing-the-fha-program/#comment-729 Heather Barr Fri, 05 Oct 2007 19:00:18 +0000 http://www.azmortgageguru.com/killing-the-fha-program/#comment-729 Yikes! Talk about throwing out the bathwater with the baby. Plus, it's terrible timing. I've been telling potential first time buyers that this is a great time for them to jump in and buy something already. Sellers are anxious and many have equity to offset their contribution to the buyer's downpayment/costs ; non-credit driven products like FHA loans are a great alternative to the current clampdown in subprime markets ; and there's almost never been more inventory to choose from in the metro Phoenix area. Shailesh, any idea if this is an immediate stoppage to seller contribution programs? Or will the cease and desist order be phased in? I've got an AmeriDream loan set to close on Oct 24. Yikes. Yikes! Talk about throwing out the bathwater with the baby. Plus, it’s terrible timing. I’ve been telling potential first time buyers that this is a great time for them to jump in and buy something already. Sellers are anxious and many have equity to offset their contribution to the buyer’s downpayment/costs ; non-credit driven products like FHA loans are a great alternative to the current clampdown in subprime markets ; and there’s almost never been more inventory to choose from in the metro Phoenix area. Shailesh, any idea if this is an immediate stoppage to seller contribution programs? Or will the cease and desist order be phased in? I’ve got an AmeriDream loan set to close on Oct 24. Yikes.

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