Comments on: Is An FHA Downpayment Compromise In The Works? http://www.fhaloanpros.com/2008/09/is-an-fha-downpayment-compromise-in-the-works/ The Unofficial Guide to FHA Loans & Mortgages Tue, 17 May 2011 20:16:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Joe http://www.fhaloanpros.com/2008/09/is-an-fha-downpayment-compromise-in-the-works/#comment-26583 Joe Thu, 02 Oct 2008 21:50:56 +0000 http://www.fhaloanpros.com/?p=456#comment-26583 Don't be fooled by so called down payment assistance programs. There is not such a thing as "free money" or assistance. Bottom line is the customer/borrower will pay for it one way or another. Let's say for example if the purchase price is $200,000 - if you need 3% downpayment or $6,000 - chances are the seller/realtor will negotiate a higher purchase price so they can get their investment back. Even if the price is not increased... if you were to ask for a price reduction, there is a 99.99% chance you won't get it! When you ask for downpayment assistance, you lose your bargaining power. In a buyer's market you are simply missing out on the opportunity of getting a good deal. Don’t be fooled by so called down payment assistance programs. There is not such a thing as “free money” or assistance. Bottom line is the customer/borrower will pay for it one way or another.

Let’s say for example if the purchase price is $200,000 – if you need 3% downpayment or $6,000 – chances are the seller/realtor will negotiate a higher purchase price so they can get their investment back.

Even if the price is not increased… if you were to ask for a price reduction, there is a 99.99% chance you won’t get it!

When you ask for downpayment assistance, you lose your bargaining power. In a buyer’s market you are simply missing out on the opportunity of getting a good deal.

]]> By: Peter G. Miller http://www.fhaloanpros.com/2008/09/is-an-fha-downpayment-compromise-in-the-works/#comment-26086 Peter G. Miller Sat, 27 Sep 2008 11:35:56 +0000 http://www.fhaloanpros.com/?p=456#comment-26086 Cheryl -- Please see: http://www.realtytrac.com/gateway_co.asp?accnt=64953&ItemID=4898 Peter Cheryl –

Please see:

http://www.realtytrac.com/gateway_co.asp?accnt=64953&ItemID=4898

Peter

]]> By: Jovan http://www.fhaloanpros.com/2008/09/is-an-fha-downpayment-compromise-in-the-works/#comment-24867 Jovan Tue, 16 Sep 2008 22:40:30 +0000 http://www.fhaloanpros.com/?p=456#comment-24867 Good Afternoon, I have GREAT NEWS! Down Payment Assistance (DPA) is one step closer to being preserved thanks to all of your efforts. HR 6694 was passed by the House Financial Services Committee earlier today, positioning the Bill for a floor vote in the next couple of days. Our fight is far from over. It is more critical now than ever before that we continue the charge to preserve DPA. Therefore, I am calling on you once again to assist with our collective efforts. We must make contact with some key individuals to voice our profound support of Down Payment Assistance. Failure to do so at this point in time could result in adversity to HR 6694 thus making all of our previous efforts a moot point. I am respectfully requesting that you call, email, and / or personally visit the following individuals: Congressman Steny Hoyer of Maryland 202-225-4131 http://hoyer.house.gov/ Congressman Roy Blunt of Southwest Missouri 202-225-6536 http://www.blunt.house.gov/Contact.aspx Congressman John Boehner of Ohio (Minority Leader of the United States House of Representatives) 202-225-6205 http://johnboehner.house.gov/Contact/ Good Afternoon,

I have GREAT NEWS! Down Payment Assistance (DPA) is one step closer to being preserved thanks to all of your efforts. HR 6694 was passed by the House Financial Services Committee earlier today, positioning the Bill for a floor vote in the next couple of days.

Our fight is far from over. It is more critical now than ever before that we continue the charge to preserve DPA. Therefore, I am calling on you once again to assist with our collective efforts. We must make contact with some key individuals to voice our profound support of Down Payment Assistance. Failure to do so at this point in time could result in adversity to HR 6694 thus making all of our previous efforts a moot point.

I am respectfully requesting that you call, email, and / or personally visit the following individuals:

Congressman Steny Hoyer of Maryland
202-225-4131
http://hoyer.house.gov/

Congressman Roy Blunt of Southwest Missouri
202-225-6536
http://www.blunt.house.gov/Contact.aspx

Congressman John Boehner of Ohio (Minority Leader of the United States House of Representatives)
202-225-6205
http://johnboehner.house.gov/Contact/

]]> By: Tami http://www.fhaloanpros.com/2008/09/is-an-fha-downpayment-compromise-in-the-works/#comment-24828 Tami Tue, 16 Sep 2008 19:06:17 +0000 http://www.fhaloanpros.com/?p=456#comment-24828 I really hope the government overturns the ruling against down payment assistance. We are trying to purchase a home right now. We have good credit no down payment. We plan on using the Nehemiah program. Not sure all will fall into place before Oct 1. I am sure there must be others out there like me. I really hope the government overturns the ruling against down payment assistance. We are trying to purchase a home right now. We have good credit no down payment. We plan on using the Nehemiah program. Not sure all will fall into place before Oct 1. I am sure there must be others out there like me.

]]> By: Cheryl http://www.fhaloanpros.com/2008/09/is-an-fha-downpayment-compromise-in-the-works/#comment-24803 Cheryl Tue, 16 Sep 2008 14:02:09 +0000 http://www.fhaloanpros.com/?p=456#comment-24803 "Don’t believe it? Since 2001 HUD has turned over premium money worth $13.5 billion to the U.S. Treasury." Where is this data? “Don’t believe it? Since 2001 HUD has turned over premium money worth $13.5 billion to the U.S. Treasury.”

Where is this data?

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