According to Inman News today, HR 6694, a bill in Congress right now that would craft a compromise to allow down payment assistance programs to continue, seems to be gaining momentum. It looks like they are considering FICO score guidelines in the compromise; the bill was presented after Congress passed HR 3221 on July 30, [...]
Continue reading about Nehemiah and Ameridream Down Payment Assistance.. a reprieve?
[youtube=http://www.youtube.com/watch?v=g2CLQABK-S8] Seller funded down payment assistance programs are set to be eliminated by this fall, unless Congress approves the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694). The Department of Housing and Urban Development apparently would rather eliminate these programs entirely than regulate them. The video above is from Ameridream, and [...]
Continue reading about Ameridream and Nehemiah Programs May Be Eliminated
Since I’ve seen so much interest with regard to the Nehemiah Down Payment Assistance Program, I asked Scott Fournier, a lender with Integrity Home Mortgage, to explain for us exactly how it works. Scott writes: A seller will agree within a real estate contract to make a donation to the Nehemiah Program – a non-profit 501©3 [...]
Scott Fournier, of Integrity Home Mortgage, writes: As many of you may know, The Nehemiah Program, through court litigation won the ability to remain a viable approved source for downpayment assistance when buyers are using FHA loan programs. Nehemiah is a program by which a seller makes a contribution to a non-profit organization, then the [...]
Continue reading about Guest author: Scott Fournier on the Nehemiah Down Payment Assistance Program
