Comments on: HUD and FHA Expectations from the New Obama Presidency http://www.fhaloanpros.com/2008/11/hud-and-fha-expectations-from-the-new-obama-presidency/ The Unofficial Guide to FHA Loans & Mortgages Sat, 21 Nov 2009 05:26:19 +0000 http://wordpress.org/?v=2.6 By: Sandra http://www.fhaloanpros.com/2008/11/hud-and-fha-expectations-from-the-new-obama-presidency/#comment-31352 Sandra Mon, 08 Dec 2008 12:54:32 +0000 http://www.fhaloanpros.com/?p=698#comment-31352 I do not believe now is the time to raise down payments to 3.5%. Many families are hurting and it is right after the Holidays. I think that should be modified in the Summer to give families a chance to recooperate. Also, Housing Bill, passed by Bush should not have blocked closing cost assistance. In the current economic situation many do not have the financial liquidity to come up with 7000 - 10000 to purchase a home, most of which need major repairs because prior tenants, before being foreclosed, damaged the property to such an extent that the buyer would have to (in certain instances) have an additional 10,000 - 30,000 to repair a property. Before doing this, they simply do not purchase it and it stays on the market and continues to loose value. This needs to be considered before making any decisions or drafting any laws including requirements related to the FHA. I do not believe now is the time to raise down payments to 3.5%. Many families are hurting and it is right after the Holidays. I think that should be modified in the Summer to give families a chance to recooperate.

Also, Housing Bill, passed by Bush should not have blocked closing cost assistance. In the current economic situation many do not have the financial liquidity to come up with 7000 - 10000 to purchase a home, most of which need major repairs because prior tenants, before being foreclosed, damaged the property to such an extent that the buyer would have to (in certain instances) have an additional 10,000 - 30,000 to repair a property. Before doing this, they simply do not purchase it and it stays on the market and continues to loose value.

This needs to be considered before making any decisions or drafting any laws including requirements related to the FHA.

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