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Real Estate News

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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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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