Comments on: Over $3M in Down Payment Money Used Up in One Day http://www.azmortgageguru.com/over-3m-in-down-payment-money-used-up-in-one-day/ Mon, 20 Jun 2011 00:09:25 +0000 hourly 1 http://wordpress.org/?v=3.2 By: The Housing and Economic Recovery Act of 2008 — Down Payment Assistance Programs Eliminated : Arizona Mortgage Team :: Arizona. Mortgage. Experts. http://www.azmortgageguru.com/over-3m-in-down-payment-money-used-up-in-one-day/comment-page-1/#comment-2416 The Housing and Economic Recovery Act of 2008 — Down Payment Assistance Programs Eliminated : Arizona Mortgage Team :: Arizona. Mortgage. Experts. Sun, 03 Aug 2008 18:31:16 +0000 http://www.azmortgageguru.com/?p=944#comment-2416 [...] bond money programs or other rural county bond money programs for down payment assistance, but as Shailesh pointed out — it is available on a first-come, first-serve basis and these funds are usually gone [...] [...] bond money programs or other rural county bond money programs for down payment assistance, but as Shailesh pointed out — it is available on a first-come, first-serve basis and these funds are usually gone [...]

]]> By: HB3221 and the Down-Payment Assistance Programs | Blog of Craig's Arizona http://www.azmortgageguru.com/over-3m-in-down-payment-money-used-up-in-one-day/comment-page-1/#comment-2406 HB3221 and the Down-Payment Assistance Programs | Blog of Craig's Arizona Wed, 30 Jul 2008 23:01:27 +0000 http://www.azmortgageguru.com/?p=944#comment-2406 [...] called the Home In 5.  This is such a popular program, that shortly after the funds were released, Shailesh Ghimire reported they there were all but gone.  I suspect that the county will be expanding this program [...] [...] called the Home In 5.  This is such a popular program, that shortly after the funds were released, Shailesh Ghimire reported they there were all but gone.  I suspect that the county will be expanding this program [...]

]]> By: Rob in PHX http://www.azmortgageguru.com/over-3m-in-down-payment-money-used-up-in-one-day/comment-page-1/#comment-2405 Rob in PHX Wed, 30 Jul 2008 16:28:52 +0000 http://www.azmortgageguru.com/?p=944#comment-2405 Oh, I certainly didn't mean to imply YOU were misleading anyone! Any implication was directed toward whoever is throwing those numbers out to the press. It's much like that $7500 tax "credit" everyone's touting from the mortgage relief bill. Sounds great until you consider the "recapture" aspect that no one's really mentioning.. (which I still don't fully understand.. and might make a good blog subject for you!.. Like, a person is repaying 5% per year for 15 years.. $500/yr.. but is that amount added directly to his/her tax burden, or just added to your net income during the calculation of his/her tax burden. Makes a HUGE difference which way that goes.) Oh, I certainly didn’t mean to imply YOU were misleading anyone! Any implication was directed toward whoever is throwing those numbers out to the press. It’s much like that $7500 tax “credit” everyone’s touting from the mortgage relief bill. Sounds great until you consider the “recapture” aspect that no one’s really mentioning.. (which I still don’t fully understand.. and might make a good blog subject for you!.. Like, a person is repaying 5% per year for 15 years.. $500/yr.. but is that amount added directly to his/her tax burden, or just added to your net income during the calculation of his/her tax burden. Makes a HUGE difference which way that goes.)

]]> By: Shailesh Ghimire http://www.azmortgageguru.com/over-3m-in-down-payment-money-used-up-in-one-day/comment-page-1/#comment-2401 Shailesh Ghimire Wed, 30 Jul 2008 04:19:15 +0000 http://www.azmortgageguru.com/?p=944#comment-2401 Rob, That is a good point. But that is how the numbers were announced. I just assumed there was a reason for it. I certainly don't want to mislead anyone. And yes it was about 22 or 23 loans that were disbursed. Rob,

That is a good point. But that is how the numbers were announced. I just assumed there was a reason for it.

I certainly don’t want to mislead anyone. And yes it was about 22 or 23 loans that were disbursed.

]]> By: Rob in PHX http://www.azmortgageguru.com/over-3m-in-down-payment-money-used-up-in-one-day/comment-page-1/#comment-2400 Rob in PHX Wed, 30 Jul 2008 04:12:47 +0000 http://www.azmortgageguru.com/?p=944#comment-2400 Isn't that 3.5 million number a little misleading? I mean, that number represents the total loan amounts, and not the actual cash being given in assistance. The actual cash amount would just be 5 percent of that 3.5 million.. or a mere $175,000.. correct? So if you think about it, if the average home loan is 200K (just a convenient number I picked out), only about 15 home loans would eat that up.. and while that's good that things are moving along.. 15 or 20 home loans across the whole of Maricopa County in one day isn't as impressive as one would think. Isn’t that 3.5 million number a little misleading? I mean, that number represents the total loan amounts, and not the actual cash being given in assistance. The actual cash amount would just be 5 percent of that 3.5 million.. or a mere $175,000.. correct? So if you think about it, if the average home loan is 200K (just a convenient number I picked out), only about 15 home loans would eat that up.. and while that’s good that things are moving along.. 15 or 20 home loans across the whole of Maricopa County in one day isn’t as impressive as one would think.

]]>