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100% financing only available for
1 more week!
Did you know that we can still offer 100% financing? Well, we do if the sellers pay the 3% downpayment requirement for the buyers through a downpayment assistant grant. But, this FHA loophole is on the chopping block so we need to act VERY FAST. Apparently, this is still not fully decided yet, but let's not let this opportunity to sell this option get away.
With this, we only have until Oct 1st and since it takes 5 weeks to close a loan like this so that means our timeline is only 1 week left to register your prospects into this type of scenario with this on the chopping block.
That's right, only 1 week left to register new borrowers!
So, let's get all those buyers in your pipeline and let's call everyone that we talked to over the last several weeks that were trying to buy a house with a Genesis, Nehemiah, AmeriDream, etc., grant and get them off them registered and closed before we lose this valuable option! Otherwise, we are going to have to wait until they save 3.5% for an FHA loan starting Oct 1st. When you do, make sure to mention the 1st time home owner tax credit of $7500 that they can get if they have not owed a home in over 3 years that will pay most of their 1st year's mortgage payments for the average home in our market.
How's that for a sense of urgency!
I am trying to help you make some money.
Call me with ALL OF YOUR BUYERS so I can help you fast.
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Thank you for your referrals!
Senior Mortgage Advisor
PHH Mortgage - 843-230-7929
Senior Advisor - Helping you GROW your business!
www.activerain.com./luckydog1 - SC
www.activerain.com/luckydog2 - NC
http://samthompson.phhmortgage.com/
Great information. Its sad that after October 1st,no more downpayment assistance programs. I should be calling all of my prospects/clients now and continue to e-mail/call them every week. Great post.
100% Financing Going Away - Maybe? Maybe Not?
It is my understanding that on July 31, 2008 a new bill - the FHA Seller-Financed Down Payment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) - was introduced by members of Congress. If passed, this bill would reinstate down payment assistance and allow it to continue indefinitely. I am a recipient of a grant and am eternally grateful for the opportunity I was given. I strongly believe this program should be preserved for people like me, who can afford to make a mortgage payment, but do not have the required down payment. As a result, I'd like to encourage everyone to ask their local congressional representative to support this bill - H.R. 6694! For more information about how you can help to preserve this program and continue to help your clients realize the American dream, go to: http://www.dpagroundswell.org/
its not going away its gone!