Want More FHA Business?

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JanSchrader

84 Posts

Posted - 07/23/2008 : 09:59:25 AM

Create More FHA Business Now!

With the PARTNERS IN CHARITY FREE down payment gift and an FHA mortgage, renters can now buy a home with no down payment of their own! Any borrower who is approved for the mortgage is automatically approved for the gift!

With other zero down programs virtually gone, many mortgage companies are finding this niche to be THE opportunity today. Plus, this provides a tool that you can really help your Realtors create new business with!

Register for my FREE 1 hour teleseminar “How To Create New Business, New Clients, And More Referral Sources By Marketing With Down Payment Assistance.” We’re repeating this dynamic program at the request of those who were unable to get on last week’s call.

Even if you’re currently using dpa, you’ll discover new, powerful strategies.
You’ll learn how to:

· Increase your purchase business
· Create new Realtor relationships
· Edge out your competitors
· Create joint marketing campaigns
· Help Realtors sell more homes for a higher price
· Give sellers an alternative to price slashing
· Create new builder relationships
· Create relationships with real estate, divorce, and other
attorneys
· Generate For-Sale-By-Owner business
· Capture REO business
· Create new referral sources
· Use “Free down payment” for seminar and tele-seminar
marketing
· Create positive public relations and exposure for yourself
· Position yourself for maximum exposure

Thursday July 24, 2008
2:00 PM EDT, 1:00PM CDT, Noon Mountain, & 11:00 AM PDT
To register, go to www.freeloanofficertraining.info
Register now, lines are limited!

In the mean time, get more information and FREE marketing materials by clicking on www.PartnersInCharity.org/Jan. To receive more FREE marketing tips go to
www.JanSchrader.com.

MisterVA

6629 Posts

Posted - 07/23/2008 : 7:45:30 PM

Your timing is off.

JanSchrader

84 Posts

Posted - 07/24/2008 : 4:43:02 PM

The Latest On Down Payment Assistance
July 24, 2008

From Jan Schrader:

As you probably know, the House of Representatives passed the housing bill on Wednesday, July 23rd. The bill puts an end to FHA down payment assistance programs (DPAs). It now goes to the Senate for a vote on Friday or Saturday, where it is expected to pass without difficulty. The DPAs were counting on a pledge from President Bush to veto the bill; but in fact, after the addition of the Fannie/Freddie “bailout” provisions promoted by Treasury Secretary Paulson, the President stated he would sign the bill, thus causing the subsequent vote by the House.

IS THIS THE END OF FHA DOWN PAYMENT ASSISTANCE?
DPA has proven to be hard to kill after 3 attempts and two “dates certain” for it to end in the past two or three years. Just like an 11:59 PM death-row reprieve, it has been given added life in each of those situations. There are still many on Capital Hill who understand the value of this important program, including members of the Black and Hispanic Congressional Caucuses as well as others.

What is being learned about the House vote is that some congressmen who were initially against it, voted for it after the addition of the Fannie/Freddie provisions, and felt it was expedient vis-à-vis current market conditions. They realized it was less than desirable in some aspects (like ending DPA), but felt legislative corrections can be made after the fact. As evidence, look at the following quotations:

From C-Span this after noon, some direct quotes form Pelosi, Maxine Waters, and Barney Franks;

· · Pelosi: Regretted that seller funded down payment was not in this bill but would support new legislation to include it.

· · Maxine Waters (Congress woman from California) : Applauded the Fannie and Freddie Bailouts and said, "We did not get the Seller Funded DPA program but my Subcommittee on Housing will start immediately to work on this legislation that we can come back in a few months with a stand alone piece of legislation to do what needs to be done. This is an important Program. This program has helped over 730,000 homeowners between 2000-2007. It is extremely important to helping those who can afford to pay the mortgage every month that cannot afford the down payment to get into the home. It works! it works well and it needs to be understood. We need to put in the Law and do it correctly!

· · Barney Franks Committee Chairman (who issued the compromise to get downpayment assistance removed from HR 3221): Immediately followed Maxine and said, "We were able to postpone the deadline for DPA until Oct. 1, there was also an issue on Risk Based Pricing. I believe we will have both of those resolved in a more flexible way before Oct. 1st so that Seller Financing and risk based pricing appropriately done will not go out of existence".

So it appears DPA has support at some very senior and influential levels. The current bill will likely pass in it’s current form and be signed by the President, so at least on paper, DPAs new execution date will be slated for midnight September 30, 2008. However, with proper support in Congress, there is some likelihood (perhaps in the form of an amendment to some other unrelated bill coming up for a vote soon) that the program will live to fight another day.

The second possibility is that new legislation will not save DPA prior to October 1st, but ultimately get approved in subsequent months. So this would mean a temporary hiatus of DPA for some undetermined period of time, but an eventual come back.

But we can’t be complacent; we need to contact our Representatives and Senators to create as much pressure as possible to keep DPA going. It is a critical tool in a market devoid of creative financing products. In June of this year nearly one-half of all FHA purchase business included a down payment gift. The demise of DPA would have an incredibly detrimental affect on FHA originations. So turn up the heat, and keep the program alive.

That being said, don’t assume your marketing efforts have been in vain; the final chapter of this story is yet to be written. Until it is, I’ll keep you posted.

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