Roberta's Las Vegas Real Estate Blog: FHA - Banning down payment assistance again?

FHA - Banning down payment assistance again?

HUD / FHA did ban the 3% down payment gifts from organizations like Nehemiah, AmeriDream, and Partners in Charity late last year. A federal judge granted a temporary injunction blocking the move and this spring ruled that HUD / FHA "failed to provide a rational basis in support" of the ban.

Well the new and improved ban version is back, and there is now a public comment period open on it.

Story in the Wall Street Journal


Just a heads up for those that may have clients interested in using one of these programs for their down payment.

 

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me roberta@search4lasvegashomes.com  or call me at 702-354-8988.  I look forward to hearing from you!

 

 

Roberta's Las Vegas Real Estate Blog

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Comment balloon 5 commentsRoberta LaRocca • June 12 2008 12:37AM

Comments

My clients  have had great success with the Ameri-Dream program./

Posted by Brian Solinsky, CDPE, CNE, ABR (Keller Williams Realty) over 10 years ago

Loans are getting tighter, I have seen a couple of deals fail recently that would not have a year ago...

 

Posted by Charles McDonald, REALTOR®, Blogger, Principal Broker®, Owner (Charlottesville Real Estate Solutions) over 10 years ago

Roberta, thanks for the information. Even if there's a ban on these types of gifts, FHA will still be a good choice for many buyers who cannot obtain a conventional loan.

I'm looking forward to reading your Meme. Let me know when you post it.

 

Posted by Griselda Tealdo-Perez, REALTOR®, e-Pro, GRI, TRC (Coldwell Banker Real Estate) over 10 years ago

That's too bad, Roberta. I just had a buyer close on a Nehemiah program. He kept saying, "What's fishy about this? Something seems fishy." Well, nothing was. He got a good deal plus a ton of concessions. I'm sorry to see that this is under attack again.

elizabeth weintraub sacramento real estate agent

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) over 10 years ago

I think it is very foolish banning programs like this, I've used this program a few times now with great success and not one of those people that used those programs have been in default. They are some of my best buyers and are grateful for the opportunity they were given to buy a home through such a program.

Todd Clark, Helping Families Home - www.IFoundYourNewHome.com

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 10 years ago

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