A memo from my operations team. I thought I would throw this out to the readership since I get a lot of questions about the timing of this event.
Due to FHA's elimination of Seller-funded down payment assistance programs October 1, 2008 Supreme is implementing the following deadlines:
All FHA loans with seller-funded down payment assistance must:
1. Have an application date on or before September 30, 2008
2. Have a case number assigned on or before September 30, 2008
3. Must be closed and funded by November 10, 2008
PLEASE NOTE THESE DATES COULD CHANGE. We have not heard from all of our investors at this time. As we receive more information we'll let you know immediately.
Tom Burris
DallasLoanGuy.com
Dallas, TX
"Your Dallas Mortgage Consultant"
http://www.dallasloanguy.com/
Texas Home Loans Dallas Mortgage Loans
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!
While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas. We are in about 46 States and adding programs to bring full service to an area near you.
We are getting the same deadlines, although some lenders are going more cautious.
I wouldn't be surprised to see some last minute changes..... makes me nervous.
Thanks for the info Tom, I was wondering about those dates. Yet, as you pointed out, I too would not be surprised to see some last minute changes.
Hi Tom where ya been? I hate that these are going away.
Tom, I'm with Missy. I have filled out my emails saying please reconsider. So do you think there is any chance that they will reconsider?
Tom,
I hope that HUD will get some mortgage letters out soon, but on a conference call two weeks ago, the FHA moderator indicated that DPA loans must have final underwriting approval by September 30 (final MCAW signed for manual underwrites or the last AUS underwrite date for automated underwrites.) At least that is how I understood her comments.
That is the last word that I heard until this post. It is interesting how much different information there is being discussed.
Maybe we will the final word in a mortgagee letter soon.
Thanks,
Richard
great for you guys, I know a lot of lenders are cutting it short rather than risk it
Dave
Fred: Everyone is nervous. We don't want to miss business.... but don't want to get stuck with a loan.
Jason: These are based on our major invesotr guidelines. Which can change. We don't make policy.... we follow. ;-)
Missy: LOL.... never left. Just no time to post. Miss you too dear!!
Marchel: I have mixed feelings. I like them for the deals they create.... but for the health of the industry, they need to go away and let hud put in something else.
Richard: I haven't seen much from them either.... the silence is deafening.
Dave: We have good relationships with our investors. They won't stick us if we follow their instructions. But I have seen instructions lately that say: "lock today or no deal". Crazy times.
are you hearing anything about a reprieve or pardon on the ban on DPA - being pushed by the builders lobby
No repreive, as far as I know. But who knows. This is a heated debate.