Comments on: Need Down-Payment Assistance?? http://blog.edmondoklahomesforsale.com/index.php/need-down-payment-assistance/buyer-tips/745/ ramblings, gossip & facts as they relate to Edmond, OK and beyond Wed, 08 Sep 2010 19:45:41 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Ryan Hukill http://blog.edmondoklahomesforsale.com/index.php/need-down-payment-assistance/buyer-tips/745/comment-page-1/#comment-1043 Ryan Hukill Fri, 15 May 2009 14:25:59 +0000 http://blog.edmondoklahomesforsale.com/?p=745#comment-1043 Tim, thanks for your expertise on this. By Wednesday afternoon I had been told by a couple of credible sources that the announcement by HUD was premature, that the program was on hold and that there would be a retraction statement released. I always prefer to have credible sources to link to when I post news here, so I've been waiting to see an official retraction statement, and still haven't. Do you know if there has been one yet, and if so, would you mind sharing the link here? Thanks again for your input! Tim, thanks for your expertise on this. By Wednesday afternoon I had been told by a couple of credible sources that the announcement by HUD was premature, that the program was on hold and that there would be a retraction statement released. I always prefer to have credible sources to link to when I post news here, so I’ve been waiting to see an official retraction statement, and still haven’t. Do you know if there has been one yet, and if so, would you mind sharing the link here? Thanks again for your input!

]]> By: Tim Epps http://blog.edmondoklahomesforsale.com/index.php/need-down-payment-assistance/buyer-tips/745/comment-page-1/#comment-1040 Tim Epps Thu, 14 May 2009 21:14:10 +0000 http://blog.edmondoklahomesforsale.com/?p=745#comment-1040 Ryan, As an update to this, HUD has rescinded Mortgagee Letter 09-15 that stated their intention to allow the use of the tax credit as collateral for a bridge loan to provide money for down payment and closing costs. (Just saying what it really was is even complicated.) Alternatively, home buyers seeking down payment assistance can turn to their local community action agency. CAP, here in Tulsa, has a program that helps with up to $3500 toward down payment. There are income guidelines, of course, but it is an alternative to the bond money that carries a higher interest rate than what is currently available to most buyers. We will keep an eye out to see if HUD brings this back, but I am dubious that a workable solution can be in place before the current tax credit expires. Remember that even if HUD allows it, they only say they will insure the mortgage secured with it. It does not mean that the lenders will be on board and allow it within their guidelines. As an aside, I hope you and J-man have enjoyed your trip to Green (and moist) Country this week to watch the Wolves. <abbr><em>Tim Epps’s last blog post..<a href="http://tulsasmortgagelender.blogspot.com/2009/05/broken-news-call-mortgage-professional.html" rel="nofollow">Broken News! Call a Mortgage Professional to Discuss Your Down Payment Options</a></abbr></em> Ryan,
As an update to this, HUD has rescinded Mortgagee Letter 09-15 that stated their intention to allow the use of the tax credit as collateral for a bridge loan to provide money for down payment and closing costs. (Just saying what it really was is even complicated.)
Alternatively, home buyers seeking down payment assistance can turn to their local community action agency. CAP, here in Tulsa, has a program that helps with up to $3500 toward down payment. There are income guidelines, of course, but it is an alternative to the bond money that carries a higher interest rate than what is currently available to most buyers.
We will keep an eye out to see if HUD brings this back, but I am dubious that a workable solution can be in place before the current tax credit expires. Remember that even if HUD allows it, they only say they will insure the mortgage secured with it. It does not mean that the lenders will be on board and allow it within their guidelines.
As an aside, I hope you and J-man have enjoyed your trip to Green (and moist) Country this week to watch the Wolves.

Tim Epps’s last blog post..Broken News! Call a Mortgage Professional to Discuss Your Down Payment Options

]]> By: Ryan Hukill http://blog.edmondoklahomesforsale.com/index.php/need-down-payment-assistance/buyer-tips/745/comment-page-1/#comment-1031 Ryan Hukill Wed, 13 May 2009 05:07:15 +0000 http://blog.edmondoklahomesforsale.com/?p=745#comment-1031 Tom, I totally understand where you're coming from. I'm not a supporter of the stimulus bill, nor am I a believer that the government can 'fix' our economy, but I do believe that housing is what will lead us out of this economic downturn. This program is one small step toward helping the housing industry rebound. Fact is, the $8K credit was already available (thanks to our tax dollars) so does it really make any difference to you and I whether the beneficiaries of the program get the money before or after closing? Tom, I totally understand where you’re coming from. I’m not a supporter of the stimulus bill, nor am I a believer that the government can ‘fix’ our economy, but I do believe that housing is what will lead us out of this economic downturn. This program is one small step toward helping the housing industry rebound. Fact is, the $8K credit was already available (thanks to our tax dollars) so does it really make any difference to you and I whether the beneficiaries of the program get the money before or after closing?

]]> By: Tom E. Snyder http://blog.edmondoklahomesforsale.com/index.php/need-down-payment-assistance/buyer-tips/745/comment-page-1/#comment-1028 Tom E. Snyder Tue, 12 May 2009 23:45:31 +0000 http://blog.edmondoklahomesforsale.com/?p=745#comment-1028 I understand where you're coming from but I have a hard time encouraging someone to use my money for a down payment--just because the government said they could. I understand where you’re coming from but I have a hard time encouraging someone to use my money for a down payment–just because the government said they could.

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