We are all aware of the impeding elimination of the Nehemiah program. My understanding was that a buyer needed to be credit approved and registered with Nehemiah before 10/1 to still be able to go through with the down payment assistance. I have heard different things today and yesterday. First, I have heard that the secondary market has already begun to halt purchase of these loans and that many wholesale lenders have either cut off loan submissions with these programs or have set earlier dates. Second, I heard from another source that if your escrow had to be closed by 9/10. That would basically mean if you are not already in escrow, there is very little chance that it will go through. Does anyone have any additional information?
Nehemiah Down Payment assistance - What's the status?
2 comments • Bonita Malone, GRI • August 20 2008 07:32PMComments
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I Have heard different stories, all I know is I have several clients who are freaking out about it :) I have also heard that many banks are stopping dealing with the programs even now...
Bonita,
Thanks for your post. That's good ol' HUD for you, being clear as mud...what a train wreck they are. I would like to encourage your readers to get active and call their member of congress to ask them to save programs like AmeriDream and others. Congressman Al Green (D) along with two Republicans and another Democrat introduced a bill H.R.6694 that essentially allows these programs to continue. I have included a link to a website that is dedicated to the purpose, please check it out. http://www.supporthomeownership.org/
Also there is an amazing video that sums up the whole issue you should also see, click the following link. http://www.supporthomeownership.org/news/default.aspx
Thanks again.
Best,
Mark