Comments on: Nehemiah Fading Fast, FHA Down Payment Increases http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/ Home loans made easy Tue, 6 Jan 2009 03:09:53 +0000 http://wordpress.org/?v=2.3 By: PS http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15610 PS Tue, 02 Sep 2008 06:19:34 +0000 http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15610 Nehemiah's website recently provided HUD's clarification of what credit approved means. "What is the precise definition of “credit approved” as described in the housing bill (H.R.3221)? If a loan is manually underwritten, the approval date is the day on which the underwriter signs the Mortgage Credit Analysis Worksheet (MCAW) or the FHA Loan Underwriting and Loan Transmittal (LT)." There are still plenty of lenders out there accepting DPA. If you're a potential homebuyer, don't be discouraged. Write to your elected officials today to support DPA reform. Nehemiah’s website recently provided HUD’s clarification of what credit approved means. “What is the precise definition of “credit approved” as described in the housing bill (H.R.3221)?

If a loan is manually underwritten, the approval date is the day on which the underwriter signs the Mortgage Credit Analysis Worksheet (MCAW) or the FHA Loan Underwriting and Loan Transmittal (LT).”

There are still plenty of lenders out there accepting DPA. If you’re a potential homebuyer, don’t be discouraged. Write to your elected officials today to support DPA reform.

]]> By: Peggy http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15347 Peggy Tue, 26 Aug 2008 18:53:39 +0000 http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15347 Another way to show support for HR 6694 is to visit http://www.dpagroundswell.org/. That website enables visitors to send letters directly to their representatives. Another way to show support for HR 6694 is to visit http://www.dpagroundswell.org/. That website enables visitors to send letters directly to their representatives.

]]> By: marc brinitzer http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15293 marc brinitzer Mon, 25 Aug 2008 17:35:29 +0000 http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15293 Peggy, thanks for the link to HR6694. Let's hope this can get fast-tracked the way the housing bill did. Everybody needs to write and call to help preserve this essential piece of the housing recovery. Meanwhile, although the housing bill does not officially halt the use of SFDPA until October 1st, by the end of this week most lenders will have effectively stopped accepting new applications. Many buyers are trying to negotiate Contracts on bank-owned homes, but may be unable to secure bank approval in time to take advantage of Nehemiah. That would be a real shame. Peggy, thanks for the link to HR6694. Let’s hope this can get fast-tracked the way the housing bill did. Everybody needs to write and call to help preserve this essential piece of the housing recovery.

Meanwhile, although the housing bill does not officially halt the use of SFDPA until October 1st, by the end of this week most lenders will have effectively stopped accepting new applications. Many buyers are trying to negotiate Contracts on bank-owned homes, but may be unable to secure bank approval in time to take advantage of Nehemiah. That would be a real shame.

]]> By: Peggy http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15292 Peggy Mon, 25 Aug 2008 16:49:18 +0000 http://www.lendingclarity.com/2008/08/21/nehemiah-fading-fast-fha-down-payment-increases/#comment-15292 Providers of gift DPA are not going out of business on October. Borrowers who are credit approved before October 1, 2008 are eligible to receive DPA and their loans will be insured by FHA. Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) if passed and signed into law will allow downpayment assistance to continue indefinitely. Please help save gift DPA. Families of modest means with good credit who qualify for a mortgage but lack a down payment will be shut out of homeownership without your help. Write Your Elected Officials. Please take a minute to submit your comment regarding the urgent need to pass H.R. 6694 http://www.getdownpayment.com/pdfs/hr6694.pdf that allows for downpayment assistance to continue indefinitely. Providers of gift DPA are not going out of business on October. Borrowers who are credit approved before October 1, 2008 are eligible to receive DPA and their loans will be insured by FHA. Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) if passed and signed into law will allow downpayment assistance to continue indefinitely. Please help save gift DPA. Families of modest means with good credit who qualify for a mortgage but lack a down payment will be shut out of homeownership without your help. Write Your Elected Officials. Please take a minute to submit your comment regarding the urgent need to pass H.R. 6694 http://www.getdownpayment.com/pdfs/hr6694.pdf that allows for downpayment assistance to continue indefinitely.

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