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ritabradley01
3150 Posts |
 Posted - 03/06/2008 : 10:59:14 PM
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| Are the websites where I can learn more about downpayment assistance? |
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jvanpetten
2506 Posts |
Posted - 03/07/2008 : 2:14:19 PM
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www.getdownpayment.com
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ritabradley01
3150 Posts |
Posted - 03/07/2008 : 4:26:38 PM
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| Thank you so much. |
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1guaranty
9 Posts |
Posted - 03/08/2008 : 4:06:40 PM
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I have a private investor that loans down payment funds --can be sourced.
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ritabradley01
3150 Posts |
Posted - 03/08/2008 : 7:09:24 PM
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| Thank you for the info Jen. |
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llf8304
43 Posts |
Posted - 03/08/2008 : 7:31:34 PM
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| Taylor Bean has an extensive list of non-profits they will use. If you have an account with them, go to Miscellaneous and then to FHA Down Payment Assistance Programs. I have been googling the names of each to get their websites |
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Carrigan
41 Posts |
Posted - 03/08/2008 : 7:53:35 PM
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| Rita, check out www.fhap.org.. ive never used them but somebody just told me about them.. i know of genesis and nehemiah as well. If you have powerpoint and give me your email address I can send you info about the futures program.. but then again it might be on the website. |
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ericlo
38 Posts |
Posted - 03/11/2008 : 12:49:36 PM
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| I like futures there good |
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sideshow557
9 Posts |
Posted - 03/20/2008 : 6:59:00 PM
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Private Investor Funds are not allowed or compliant with HUD unless the PI is related to the borrower and signs a gift letter or is an approved non-profit. If the PI will let borrowers keep the funds in their personal bank account for 6 months or more then it might pass under the RESPA/HUD radar. However, the borrowers have to decide how they will answer the question "Is there downpayment borrowed?" And you as the loan can not privy to this or it could be construed as possible fraud. It's a fine line.....
Does your "PI" invest in any other loan related programs?
quote:
Originally posted by 1guaranty
I have a private investor that loans down payment funds --can be sourced.
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aspiring1
1302 Posts |
Posted - 03/27/2008 : 4:44:05 PM
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quote:
Originally posted by ritabradley01
Are the websites where I can learn more about downpayment assistance?
http://www.hartprogram.com/staging/nuke/index.php
http://www.fhadpa.com/
ttp://www.getdownpayment.com/
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ritabradley01
3150 Posts |
Posted - 03/28/2008 : 10:34:05 AM
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| Thanks everyone. Do you have trouble with people expecting you to know all about these programs? SHOULD I know about all these programs. I know it sounds mean but I don't feel like I have time to spoon feed people. |
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MisterVA
6567 Posts |
Posted - 03/28/2008 : 2:11:00 PM
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| www.preferredprogram.com You can get some great brochures for Realtors & homeowners/homebuyers, too. |
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Investmentspecia
71 Posts |
Posted - 03/28/2008 : 2:47:38 PM
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quote:
Originally posted by ritabradley01
Thanks everyone. Do you have trouble with people expecting you to know all about these programs? SHOULD I know about all these programs. I know it sounds mean but I don't feel like I have time to spoon feed people.
Rita, its a forum for crying out loud* I normally work with investors and a paper borrowers, I am expanding my business into FHA and learning more about DPA programs. If your that frustrated why dont you stay off the forum. |
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aspiring1
1302 Posts |
Posted - 03/28/2008 : 5:29:44 PM
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quote:
Originally posted by Investmentspecialist
quote:
Originally posted by ritabradley01
Thanks everyone. Do you have trouble with people expecting you to know all about these programs? SHOULD I know about all these programs. I know it sounds mean but I don't feel like I have time to spoon feed people.
Rita, its a forum for crying out loud* I normally work with investors and a paper borrowers, I am expanding my business into FHA and learning more about DPA programs. If your that frustrated why dont you stay off the forum.
Uhhh.investment specialist person...I think Rita was asking people's experiences with clients/prospects, and if everyone is having the issue with the client expecting you to know the ins and outs of the downpayment assistance programs. She was stating that she doesn't have the time to spoon feed people as far as educating them on the program.
Wow, anyway....such a harsh response. |
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ritabradley01
3150 Posts |
Posted - 03/28/2008 : 6:03:08 PM
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| Thanks aspiring1. I guess the poster might have misunderstood my question. It's easy to do that on forums. See ya round. |
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Investmentspecia
71 Posts |
Posted - 03/28/2008 : 10:45:49 PM
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quote:
Originally posted by ritabradley01
Thanks aspiring1. I guess the poster might have misunderstood my question. It's easy to do that on forums. See ya round.
I apologize to Rita I misunderstood. Sorry* |
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ritabradley01
3150 Posts |
Posted - 03/28/2008 : 10:59:35 PM
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| No worries friend. |
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irishstu7975
261 Posts |
Posted - 03/30/2008 : 1:43:36 PM
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| can you get approved for the DPA before running DU? |
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MisterVA
6567 Posts |
Posted - 03/30/2008 : 5:24:53 PM
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| DPA has nothing to do with DU approvals. DPAs ALWAYS say yes. |
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rubenjtorres
156 Posts |
Posted - 03/30/2008 : 11:20:29 PM
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| Has anyone here use a DPA program and close the loan? |
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roborg
106 Posts |
Posted - 03/31/2008 : 06:07:26 AM
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quote:
Originally posted by ritabradley01
Thanks everyone. Do you have trouble with people expecting you to know all about these programs? SHOULD I know about all these programs. I know it sounds mean but I don't feel like I have time to spoon feed people.
Hey, Rita... while I understand your frustration at having to understand all these DPA programs, consider that if you have prospects that want DPA and they are speaking to you and another broker that is well versed in them, who do you think those people will go with?
They all work pretty much the same. The differences are in the costs and the process speed. Just get comfortable with 3 or 4 of the companies mentioned here in the forum and you'll be an expert at them. It will take you a couple of hours at best to review their websites and get a good grasp on what their costs are. I would especially pay attention to preferredprogram.com being that was recommended by misterVA and he probably has more experience than most. |
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mpgloans
39 Posts |
Posted - 04/01/2008 : 7:01:03 PM
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THey all do work pretty much the same. The important thing is to have the purchase contract written correctly and understand the minimum investment requirements for FHA, so you don't get to closing with any surprises. 6% Seller's Contributions are allowed for prepaid items, closing costs, and down payment assistance programs, but it MUST be written correctly in the contract. Seller contributes upto 3% to the DAP, DAP gifts the money to the buyer...at closing. The Gift program forms are to be completed with the purchase contract (just like the Amendatory Clause) and itemizes the seller contribution to the program.
I scheduled a rep from Nehemiah to come in during one of our sales meetings and give us 'the run down' so to speak about DAPs. When I called him, he was ready to travel to our office (more than 3 hours from his home) the next day! No kidding. And he brought lots of fliers, marketing materials, and sign riders too. Call a rep and ask for their help. |
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d_damiano
548 Posts |
Posted - 05/06/2008 : 09:57:17 AM
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quote:
Originally posted by ritabradley01
Are the websites where I can learn more about downpayment assistance?
Rita, please visit http://www.TheDownPaymentGuyNetwork.com |
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ladysammm
350 Posts |
Posted - 05/06/2008 : 8:45:12 PM
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| Try Ameridream.org very user friendly, quick to register and lots of information for lender, realtor and consumer. explains everything and forms needed. Very informative and accepted by all lenders for use with FHA |
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JanSchrader
84 Posts |
Posted - 05/07/2008 : 06:04:52 AM
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| Check out www.partnersincharity.org. Great outfit, always dependable and they have free marketing materials. |
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Mandyvilla
3395 Posts |
Posted - 05/11/2008 : 05:56:05 AM
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Rita - the seller can contribute up to 9%, of which 3% is a GIFT and then 6% for allowable closing costs and prepaids. This is the best vehicle to get 100% financing for a buyer with some flexible ratios, mediocre credit report and a bruise or two.
Get to know one of the programs. What happens if the closing is bumped to another day after money has been ordered? How to change the gift amount -how does a title company register - who to call if funds are not there.......I chose Nehemiah, only because in my area it has the highest name recognition. (and there really if very little to know, btw). Tell prospective borrowers and real estate agents that Nehemiah is the one you are familiar with, but you will work with any approved program.
I don't know how much longer we are going to be able to offer DAPs before the loophole is closed - but I suspect it could be coming. |
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ritabradley01
3150 Posts |
Posted - 05/11/2008 : 09:37:10 AM
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| Thank you so much-I guess I was making more out of this than I needed to. |
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d_damiano
548 Posts |
Posted - 05/11/2008 : 12:34:17 PM
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quote:
Originally posted by Mandyvilla
Rita - the seller can contribute up to 9%, of which 3% is a GIFT and then 6% for allowable closing costs and prepaids. This is the best vehicle to get 100% financing for a buyer with some flexible ratios, mediocre credit report and a bruise or two.
Get to know one of the programs. What happens if the closing is bumped to another day after money has been ordered? How to change the gift amount -how does a title company register - who to call if funds are not there.......I chose Nehemiah, only because in my area it has the highest name recognition. (and there really if very little to know, btw). Tell prospective borrowers and real estate agents that Nehemiah is the one you are familiar with, but you will work with any approved program.
I don't know how much longer we are going to be able to offer DAPs before the loophole is closed - but I suspect it could be coming.
Mandy,
You wrote I don't know how much longer we are going to be able to offer DAPs before the loophole is closed - but I suspect it could be coming.
sigh
DAP's are not going away and there is no loophole to close!
These comments only create confusion and spread misinformation and the Lies that HUD tried to propgate and lost.
I am running out for Mothers Day but I will post a video that Marlo Newman from TheDownPaymentNetwork.com sent me as part of my training materials to review either tonight or tomorrow that hopefully will change the way everyone thinks about DPA's.
I know it changed the way I view them! |
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