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Warning: Bait and Switch Activity with Teacher Loans – CalSTRS 80/17 to FHA

by Scott Schang September 25, 2008

Ok, it’s come to the point where I can no longer brush this off as a coincidence. The conversation that I am having over and over again goes something like this….. “Hi Scott, I am in the process of buying a home and was qualified for a Teacher loan (Extra Credit Teacher Program or [...]

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California Housing Finance Agency Suspends Programs / Down Payment Assistance

by Scott Schang September 23, 2008

September 23rd, 2008 - In a shocking move today CalHFA temporarily suspends most of thier first time home buyer programs leaving only the 30 year fixed and the Extra Credit Teacher Program: Effective immediately and until the financial markets stabilize, the following CalHFA first mortgage products are temporarily unavailable: • 35-Year Fixed Rate Mortgage – [...]

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Breaking News from Nehemiah – Update on H.R. 6694

by Scott Schang September 11, 2008

If you haven’t already, go to DPA Groundswell to keep up to date on the fight to preserve Nehemiah, HART and Ameridream. I received this email on Tuesday night with great news about the fight to save DPAs Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement Chairman of the House Financial Services Committee, [...]

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H.R. 6694: The Fight to Save Nehemiah

by Scott Schang August 18, 2008

August 18th, 2008 – Important Update: Many of the lenders are cutting off Seller Assisted Down Payment Grants effective immediately. The last day FHA will buy a loan with Nehemiah is October 1st, 2008. As the fight for Nehemiah continues do not lose hope, there are still many down payment assistance programs available if [...]

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CalHFA Reduces Interest Rates – August 8th, 2008

by Scott Schang August 12, 2008

In such a volatile market as we’re in right now, on a day when conventional interest rates went up .125%, The California Housing Finance Agency in an unprecedented announcement reduced interest rates across the board. Rate Reductions are as follows: 30 Year Fixed Moderate Income Areas Reduced .125% to 6.75% Low Income Areas Reduced [...]

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National Association of REALTORS® Summary of Key Provisions of HR 3221 – The Housing Stimulus bill (as of 7/28/08) – Complete with my .02 to make sense of it all

by Scott Schang July 30, 2008

This is a summary provided by the National Association of Realtors® yesterday ( 7/28/08 ) – under each section I will translate into English because much of this sounds like it was written by lawyers. The NAR summary will be identified with a bullet point, my commentary identified as NOTE: Following is a summary [...]

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FHA Increases Down Payment Requirement to 3.5%

by Scott Schang July 28, 2008

H.R. 3221, the Housing and Economic Recovery Act of 2008 is a 700 page bill. We will continue to report the details of this bill as we learn more about them. SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT ASSISTANCE. Paragraph (9) of section 203(b) of the National Housing Act (12 U.S.C. [...]

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Nehemiah, Ameridream, HART – Countdown to Extinction….Is FHA Justified?

by Scott Schang July 28, 2008

H.R. 3221 Housing and Economic Recovery Act of 2008, aka Foreclosure Prevention Act, is scheduled to be signed by President Bush on Monday, July 28th and is projected to save over 400,000 American homeowners from foreclosure. Nestled deep in this 700 page bill, located on 479-481 you will find the end date of October [...]

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CalHFA Announces 100% Financing, Discount Rates, Discount PMI on Bank Owned Homes in Hardest Hit California Cities – CalHFA Community Stabilization Home Loan Program

by Scott Schang July 23, 2008

July 23rd 2008 – JUST RELEASED! This information can be found on the CalHFA Website Here This conventional first mortgage loan program features a below market, 30-year, fixed interest rate, fully amortized loan reserved for REO properties of participating financial institutions. It has a maximum LTV limit of 100% and may be used with [...]

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National Homebuyers Fund – ACCESS Program for Down Payment Assistance and Closing Costs

by Scott Schang May 31, 2008

Program Summary The National Homebuyers Fund is a non profit organization. The ACCESS program is desinged to help low and moderate income homebuyers purchase a home even if they don’t have funds for a traditional down payment or closing costs. One great benefit of the NFH ACCESS program is that it is backed by private [...]

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