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time101
172 Posts |
 Posted - 02/04/2008 : 3:48:31 PM
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| PLEASE RESPOND |
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liverichly
3936 Posts |
Posted - 02/04/2008 : 3:54:47 PM
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Know, I don't no of one.
www.getdownpayment.com
www.ameridream.org |
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forsociald
2140 Posts |
Posted - 02/04/2008 : 3:57:58 PM
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| I don't no one either |
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hectorm
256 Posts |
Posted - 02/04/2008 : 3:58:31 PM
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| Nehemiah |
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dkendall1979
10342 Posts |
Posted - 02/04/2008 : 3:59:09 PM
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| You guys don't no? I no, I no! But I'm not sharing. |
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scramsey
550 Posts |
Posted - 02/04/2008 : 4:01:03 PM
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Nehemiah: www.getdownpayment.com
Preferred Program: www.preferredprogram.org |
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d_damiano
551 Posts |
Posted - 02/04/2008 : 6:06:15 PM
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http://www.TheDownPaymentGuy.com
http://www.FHADPA.com
http://www.DpFunder.com
www.getdownpayment.com
www.ameridream.org
http://www.preferredprogram.org/
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Perfect Fha
516 Posts |
Posted - 02/04/2008 : 6:57:43 PM
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| Yeah, do an FHA loan and get a gift from a blood relative or one of our down payment assistance programs. |
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time101
172 Posts |
Posted - 02/04/2008 : 7:42:01 PM
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| I like the downpaymentguy |
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modieve
379 Posts |
Posted - 02/04/2008 : 7:47:13 PM
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| i can do FHA and Bond money in the state of florida |
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time101
172 Posts |
Posted - 02/07/2008 : 12:54:50 PM
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| ANY PRIVATE DOWN PAYMENT GUYS OUT THERE THAT WANT TO MAKE 10% ON THERE MONEY? |
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Greg_Home123
323 Posts |
Posted - 02/07/2008 : 12:57:52 PM
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Call the county department of planning and economic development and see if federal or state grant money is available first. It is real money and not a concession. May be a lien and may be subject to income or area restrictions.
Beyond that the non-profit seller paid down payment assistance is posted above. |
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jeff4567
1538 Posts |
Posted - 02/07/2008 : 12:58:27 PM
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Know one I no
quote:
Originally posted by time101
ANY PRIVATE DOWN PAYMENT GUYS OUT THERE THAT WANT TO MAKE 10% ON THERE MONEY?
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kjake41
184 Posts |
Posted - 02/07/2008 : 2:21:38 PM
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| know won I no either... :) |
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d_damiano
551 Posts |
Posted - 02/13/2008 : 10:37:20 AM
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I Joined a program about a year ago that has really helped my business.
The guy who started the business and showed me how to get more customers using down payment solutions posted a report yesterday called the Top 10 ways to Generate Loans Using Down Payment Solutions. (it's in Word format)
It's a great read and I'm sure it will help you.
https://www.secure-session.com/files/6/7729/1208925835/23DFF885E8/i/10_ReasonsMortgage.doc
Thanks,
Dennis |
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lucky1s
3620 Posts |
Posted - 02/13/2008 : 10:39:28 AM
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| Calhfa. |
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lucky1s
3620 Posts |
Posted - 02/13/2008 : 10:42:37 AM
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Are these legimately HUD recognized programs?
Or just some sort of sneaky second.
Nehemiah: www.getdownpayment.com
Preferred Program: www.preferredprogram.org |
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cmac
26 Posts |
Posted - 02/13/2008 : 10:47:29 AM
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I am an account exec for Penny One. I've used them on some loans we have closed.
www.pennyone.org
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mortgageman1
1124 Posts |
Posted - 02/13/2008 : 10:51:18 AM
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Try County Offices for SHIPP funding,
especially if they're qualified 1st time buyer
(not owned in last 2 or 3 yrs, depends on lender guidelines),
catches are:
1-YOU (Your Office) nds to get "county approved"(read=4 hr BS "course")
2-LENDER has to be on approved list w/county
3-Borrower nds to qualify on ALL Catagories Other than DP $.
HTH, |
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d_damiano
551 Posts |
Posted - 02/13/2008 : 10:55:09 AM
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quote:
Originally posted by lucky1s
Are these legimately HUD recognized programs?
Or just some sort of sneaky second.
Nehemiah: www.getdownpayment.com
Preferred Program: www.preferredprogram.org
They are legitimate for at least another 45 days.
As you may recall HUD tried to kill off all seller funded DPA's on Oct 31st and the DPA's filed a lawsuit to stop the action. The Federal Judge granted an injunction until he could decide if it was legal for HUD to change the rules.
The Judge is suppose to have an answer before March 30th although about 3 weeks ago people I know that are close to the matter were in the courtroom where it looked like the judge was insinuating a favorable outcome for the DPA's.
A lot of people (probably including the judge) were hoping this would get settled by the FHA modernization act. The problem was the house in their bill was pro dpa and the senate against it. But now that the stimulus package is being signed and FHA loan limits are being raised it looks like the FHA modernization act will probably die on the vine and never be acted upon.
In which case the Judges decision is now important.
Hope this helps
Dennis |
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lucky1s
3620 Posts |
Posted - 02/13/2008 : 10:58:30 AM
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| Thanks dennis, that was very helpful. |
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williamspeaking
4058 Posts |
Posted - 02/13/2008 : 11:01:21 AM
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quote:
Originally posted by liverichly
Know, I don't no of one.
www.getdownpayment.com
www.ameridream.org
haha |
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tktmsa
131 Posts |
Posted - 02/13/2008 : 3:04:13 PM
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We'll work with you on FHA's
quote:
Originally posted by time101
PLEASE RESPOND
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d_damiano
551 Posts |
Posted - 02/13/2008 : 3:54:40 PM
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quote:
Originally posted by tktmsa
We'll work with you on FHA's
quote:
Originally posted by time101
PLEASE RESPOND
Tom what is your administrative Fee? |
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tktmsa
131 Posts |
Posted - 02/13/2008 : 4:09:46 PM
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quote:
Originally posted by d_damiano
quote:
Originally posted by tktmsa
We'll work with you on FHA's
quote:
Originally posted by time101
PLEASE RESPOND
Tom what is your administrative Fee?
$395 to the seller |
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hherrm
1407 Posts |
Posted - 02/13/2008 : 7:09:39 PM
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| I just did 2 FHA with genesis, worked like a charm. |
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d_damiano
551 Posts |
Posted - 02/14/2008 : 12:01:45 PM
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Another thing most people don't know is you can use a DPA for Fannie Flex products
As for down payment assistance, please refer to the following references in the Selling Guide:
X, 603.07: Donations from Entities (01/31/07)
An owner-occupant borrower may use funds donated by a church, municipality, nonprofit organization (excluding a credit union), or public agency as a gift (or grant) to pay part of the closing costs or to supplement his or her financial reserves. We generally do not permit the use of donated funds to satisfy our down payment requirement. The borrower must use his or her own funds to make the required minimum cash down payment, although that down payment may be supplemented with a gift or grant from a church, municipality, nonprofit organization (excluding a credit union), or public agency. In addition, we will permit a borrower to use funds received as a gift or grant from one of these entities to make the entire down payment for a Flexible 97 mortgage or for any other mortgage that has an 80 percent (or lower) loan-to-value ratio (or combined loan-to-value ratio, for a mortgage that has subordinate financing).
An entity?s donation of funds as a gift or grant must be evidenced by either a copy of the letter awarding the gift or grant to the borrower or a copy of the legal agreement that specifies the terms and conditions of the gift or grant. This supporting document must include language indicating that no repayment of the gift or grant is expected and an indication of how the funds will be transferred (to the borrower, the lender, or the closing agent). The lender must include in the individual mortgage file evidence of the transfer of the funds?such as a copy of the donor?s canceled check or a settlement statement showing receipt of the check.
For MCM loans:
VIII, 205: Sources for Down Payment and/or Closing Costs/Prepaids (06/23/06)
There is no required minimum down payment or borrower contribution for a one-family property (including eligible condos and cooperatives).
The required minimum down payment for a two-family property (calculated as a percentage of the sales price of the property) is three percent which must come from the borrowers own funds. The required minimum down payment for the three-family and four-family properties is five percent of which three percent is required from the borrower?s own funds and the balance of the down payment may be funded using approved ?flexible? sources. However, ?cash-on-hand,? as described below, may not be used in connection with two-family to four-family properties.
Funds for the borrower?s additional down payment and/or funds for closing costs and/or prepaid items may be obtained from the ?sources of borrower?s funds? as discussed in Part X, Chapter 6. Other sources eligible for MyCommunityMortgage include
? an eligible Community Seconds;
? a gift or unsecured loan from a relative, domestic partner, fiancé, or fiancée;
? a gift, grant, or unsecured loan from a church, a public agency, municipality, or a nonprofit organization (other than a credit union);
? contributions by interested parties, subject to standard interested party contribution guidelines for conventional mortgages (may be used for closing costs and/or prepaid items only);
? ?premium pricing proceeds? generated through a higher interest rate on the loan. Such premium pricing proceeds are not included in the interested party contribution limits (may be used for closing costs and/or prepaid items only); and
? employer assistance in the form of a grant, a direct fully repayable second mortgage or unsecured loan, or a deferred payment second mortgage or unsecured loan.
For Flexible Mortgage loans:
VII, 113.05: Minimum Borrower Contribution (05/18/07)
While Fannie Mae?s standard products require a minimum contribution from the borrower?s own funds, the Flexible mortgage products do not. Instead, the borrower can obtain funds for the minimum contribution from a number of flexible sources. Funds obtained from flexible sources can be used for the down payment, closing costs, and/or prepaid items.
The minimum required contribution for purchase transactions:
? Flexible 97 mortgage and Flexible mortgages with subordinate financing when the CLTV is less than or equal to 97 percent require no minimum contribution from the borrower?s own funds. The three percent down payment may come from either the borrower?s own funds or from flexible sources as described below.
? A Flexible 100 mortgage requires either a minimum contribution of $500 from the borrower?s own funds toward the payment of closing costs and prepaid items, or a minimum contribution equal to three percent of the sales price from flexible sources as described below. If the $500 option is used, the loan must be delivered with special feature code 564.
? A Flex 90-95 mortgage is distinguished from standard products by the fact that the borrowers? contribution from their own funds is less than the minimum five percent. No minimum contribution from the borrower?s own funds is required. The down payment may come from either the borrower?s own funds or from flexible sources as described below.
Acceptable flexible sources of funds for borrower?s minimum contribution:
? Gifts or grants ? Gifts must come from a relative, domestic partner, fiancée, or fiancé. Grants may come from a borrower?s employer, public agency, or nonprofit organization. Gifts and grants must be provided with no repayment required or expected.
? Unsecured loan from a relative, domestic partner, fiancée, or fiancé. The unsecured loan must be a fixed-rate loan at an interest rate not to exceed the note rate of the mortgage by more than two percentage points. The unsecured loan can require a balloon payment provided it is not within the first five years of the loan. The borrower must provide a document that is signed by the note holder that identifies the note holder?s name, address, relationship to the borrower, and the terms of the loan. Evidence of the transfer of funds to the borrower is also required. The note holder cannot be an interested party to the transaction, nor can the note holder obtain the funds to lend to the borrower from an interested party to the transaction.
? Unsecured loans from employers or nonprofit organizations. The unsecured loan from an employer, public agency, or nonprofit organization (not including credit unions) must be documented with an award letter or legal agreement from the note holder and must disclose the terms and conditions of the loan. Evidence of the transfer of the funds must also be provided ? such as a copy of the note holder?s check and evidence of deposit or a HUD-1 Settlement Statement.
? Community Seconds. Community Seconds can be used toward the down payment, closing costs, and prepaid items. Refer to Part VIII for additional information on Community Seconds.
Dennis |
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