Pro-Down Payment Assistance (DPA) legislation got a boost from HUD Secretary Steve Preston and Congressman Barney Frank, Chairman of the House Financial Services Committee.
Apparently Chairman Frank and Secretary Preston reached an accord that will allow seller-funded gifts to be applied towards buyers' down payments...with HUD imposing risk-based pricing on transactions using this kind of assistance for FHA loans.
Inman News released and article explaining the negotiations today: Congress Weighs Reprieve
Kent Simpson
Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.
All original material written by Kent Simpson unless attributed to source.©2011, 2010, 2009,2008,2007
"Never forget - Real Estate Is About People"
This sounds good I will check back for updates. Thanks for the heads up. www.vizionkc.com
Hey Justin - you're pretty quick! Thanks for being the first to comment.
Excellent news Steve please keep us aprised. I knew there were bills in process to bring them back.
Thanks, Fred George Larry - (where did you get "Steve"???) LOL Anyhow, I will.
Kent - I have heard from some lenders that there is a 10-day extension of funding -- do you know anything about that ?
James - all that I've heard so far is that some lenders have investors that are willing to fund loans that have DPA from sellers into the month of September. Most lenders had a cutoff date of August 29 to have a full 30 days to sell the loan.
Probably the lenders you are hearing from have the same types of investors. If you have a client who has a need like that, I have a guy in Mesa that may be able to help you--just give me a call!
Kent - thanks for the information, and the artice as well.
Let's hope they bring this back... As of right now my lender can do DPA with a contract on or before Sept 19 and has to close on or before Oct 7.
Keep us updated please!
I figured it would not go away completely and permanently. If something doesn't get passed before Oct 01, you know something will come down the road pretty quickly!
Sharon - you're welcome!
Nick - thanks for coming by--I'll try to keep on top of the issue.
Ronald - something will happen...if it doesn't get bogged down in congressional in-fighting...but they never do that with important issues, right? Right?
I'm looking all over the web right now to see what I can find about the latest details.
This is definitely great news. I am going to check back later for more information. Have a great weekend. Great post.
Chuck - find anything interesting?
Lanre - you have a great weekend also--and thanks for the kind words!