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lacuna
9 Posts |
 Posted - 05/20/2008 : 3:52:57 PM
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Does anyone knows about such thing???
I need some help for some kind of Downpayment Assistance for a Conventional Loan...
??????????? |
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monkeyandme
151 Posts |
Posted - 05/20/2008 : 4:00:46 PM
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| Look at whatever city/county the property is in. There are grants, etc. available in a lot of areas. You may have an issue getting MI, though. |
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d_damiano
551 Posts |
Posted - 05/20/2008 : 5:48:40 PM
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quote:
Originally posted by lacuna
Does anyone knows about such thing???
I need some help for some kind of Downpayment Assistance for a Conventional Loan...
???????????
If you can't find a local grant and you can't use a seller funded DPA then you need a different soultion.
There is one I have been using that works and even though it's not a down payment assistance program it is a viable down payment solution.
Recommend to your borrower an easy part time job selling Owners Alliance memberships to property owners (like the seller) and have them earn enough of a sales commission to use for Down Payment.
check out http://www.TheDownPaymentGuyNetwork.com
call them at 877-374-8942 they will tell you how it works |
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jkennedy1234
187 Posts |
Posted - 05/20/2008 : 8:24:03 PM
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| beware fraud prevention companies are aware of the so called DPA with business / part time job bounus. |
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d_damiano
551 Posts |
Posted - 05/20/2008 : 9:21:34 PM
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quote:
Originally posted by jkennedy1234
beware fraud prevention companies are aware of the so called DPA with business / part time job bounus.
Justin??
What are you saying legitimate part time jobs are a problem?
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jkennedy1234
187 Posts |
Posted - 05/21/2008 : 04:22:16 AM
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| that is not what the topic is about nor did I say that part time jobs are no longer accepted! however, they are aware of these types of down payment programs. |
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tktmsa
131 Posts |
Posted - 05/21/2008 : 09:52:00 AM
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DPA don't need to help you on conv loans (lender typically wont allow it)just have the seller gift some equity.quote:
Originally posted by lacuna
Does anyone knows about such thing???
I need some help for some kind of Downpayment Assistance for a Conventional Loan...
???????????
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d_damiano
551 Posts |
Posted - 05/21/2008 : 10:14:50 AM
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quote:
Originally posted by jkennedy1234
that is not what the topic is about nor did I say that part time jobs are no longer accepted! however, they are aware of these types of down payment programs.
no problem :) and being aware is a good thing it shows they are doing their job and can hopefully discern between the real deal and the problem children |
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tktmsa
131 Posts |
Posted - 05/21/2008 : 10:28:07 AM
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True. Too many in-depth coversations today. Brain fry.quote:
Originally posted by crazyguy
cant gift equity.. unless related.... narrows the field... our program works...
send me some deals....
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d_damiano
551 Posts |
Posted - 05/21/2008 : 1:27:24 PM
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quote:
Originally posted by crazyguy
no our program works this way.......
our non profit co gives the down payment to closing agent..... lets say 10k at closing we get it back from seller proceeds plus like 500 admin fee.. it is really funded by seler...
you can finance more homes this way..... let us know what you got....
Ted, I think I just had that aha moment, but I have a few questions....
The DPA is given to the closing agent as in The Realtor or Title/Escrow?
That agent is gifting it to the buyer?
or that agent is what?
Any tax issues for the agent?
Limited to 6% seller concessions etc..? |
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sbuckman
516 Posts |
Posted - 05/21/2008 : 4:46:24 PM
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| I don't know if this company is going to turn out to work or not and I do not know anything else about them. But I found this company today called DPA Servicing (dpa-servicing.com) where they set up a bank account in your client's name where the account is seasoned for atleast 60 days and you can VOD it. They charge 10% of the gift amount plus $350. |
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d_damiano
551 Posts |
Posted - 05/21/2008 : 5:17:54 PM
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quote:
Originally posted by sbuckman
I don't know if this company is going to turn out to work or not and I do not know anything else about them. But I found this company today called DPA Servicing (dpa-servicing.com) where they set up a bank account in your client's name where the account is seasoned for atleast 60 days and you can VOD it. They charge 10% of the gift amount plus $350.
I have a problem or better yet some questions with this one for one simple reason....
There is no product being sold that is legitimate or has a pre-determined value.
From what I understand, It's a JV marketing venture, and might be construed as an Interested Party Conribution, which would eliminate it for Conventional loans.
I don't think HUD would be happy either,
but any portfolio lender, non conventional jumbo, or hard money guy might be cool with it.
I would love to know more? |
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