http://www.fhaloanpros.com/2008/08/will-local-sales-fall-with-mortgage-reform/ The Unofficial Guide to FHA Loans & Mortgages Tue, 17 May 2011 20:16:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://www.fhaloanpros.com/2008/08/will-local-sales-fall-with-mortgage-reform/#comment-22597 Mark Miskiel Tue, 12 Aug 2008 01:03:53 +0000 http://www.fhaloanpros.com/2008/08/will-local-sales-fall-with-mortgage-reform/#comment-22597 I agree that without DPA we will see a decrease in sales. I disagree that there may be a peak of people rushing to get their home before DAP's are gone. Most of the banks I have access to as a broker basically have said that if the loan is not already approved and all conditions cleared by August 15th then they will not accept any more applications on loans with DAP's. Basically that means that as of today, August 11th were now dead in the water as there is not a bank around that wants to be stuck holding a DPA loan. They all want them off their books by the end of September. Any rush that may have happened has been crushed by the banks running scared. I agree that without DPA we will see a decrease in sales. I disagree that there may be a peak of people rushing to get their home before DAP’s are gone. Most of the banks I have access to as a broker basically have said that if the loan is not already approved and all conditions cleared by August 15th then they will not accept any more applications on loans with DAP’s. Basically that means that as of today, August 11th were now dead in the water as there is not a bank around that wants to be stuck holding a DPA loan. They all want them off their books by the end of September. Any rush that may have happened has been crushed by the banks running scared.

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