BankNegotiator
172 Posts |
 Posted - 08/26/2008 : 10:00:05 AM
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Looks like DPA is being eliminated by some lenders in advance. Just got this email from one of my local brokers to all the Realtors in his sphere:
"With all the changes in the FHA landscape, we have seen numerous of our investors begin to pull the DownPayment Assistance (DPA) feature from FHA loans. As a result, in our attempts to not have you "hanging in the wind" with a sudden elimination of this program, John Adams Mortgage has made a corporate decision to eliminate DPA for all Purchase Agreements according to the following:
DPA will be eliminated for all buyers whose loans are not fully approved through underwriting with a fully Executed Purchase Agreement AND Appraisal by September 22, 2008.
What does this mean to you? It means that we will need a fully executed purchase agreement to order the appraisal and enough time to get the appraisal underwritten. Bottom line: We need PA's by September 10th AT THE LATEST to reasonably assure that these activites are completed by the September 22 deadline. Certainly we will try to accomodate a late PA on a case by case basis as is humanly possible. You can imagine the flood of PA's that will be hitting the corporate office during this time."
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