You've done all your homework, talked to a housing counselor and tried to talk to your lender. But, the lender won't work with you. What do you do now?
For an FHA-insured loanYour lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA's National Servicing Center at toll free (888) 297-8685 or via email.
For a VA-insured loanFirst, visit the VA Foreclosure Alternatives page. If you need assistance or have additional questions, talk to a Loan Service Representative.
For conventional loansIf you have a conventional loan, first talk to a HUD approved Housing Counselor (or call (800) 569-4287). They may be able to help you with your lender. You can also contact Hope Now (1-888-995-HOPE) to ask for assistance in working with your lender.
Saturday, January 31, 2009
Down Payment Assistance Reform
The purpose of this post is to support The Nehemiah Program and their efforts to restore down payment assistance programs. I sent the following letter in support of H.R. 600. They make it very easy to get your veiwpoint across. If you would like to add your support visit http://capwiz.com/nehemia/home/ or click on the link for Nehemiah in Helpful Websites on this blog to learn more about how you can help.
Letter I posted...
I support H.R. 600. This bi-partisan legislation will reform and restore DPA for hundreds of thousands of qualified homebuyers each year who need the help, while ensuring DPA remains a program run by credible nonprofit organizations.
Reformed DPA will help stimulate the housing market by providing working-class Americans with a path to homeownership and generate $150 billion in home sales this year.
H.R. 600 will set FICO score eligibility thresholds for DPA participants, require homeownership counseling is made available to recipients, and better regulate entities that provide DPA.
Creating opportunities for homeownership is the cornerstone to strengthening a crumbling housing market and breathing life back into the economy.
The current economy offers some very good buys on homes in many markets. If a buyer could overcome the barrier of the down payment and be able to purchase a home with a low interest rate they could very well be able to own their own home with a monthly payment lower than the rent they are currently paying.
The key is the consumer education and having consumers work with honest, ethical real estate and mortgage professionals, such as,Residential Finance Specialist (RFS) designees.
RFS designees have received advanced training in financing and are dedicated to protecting the consumers interest in real estate transactions. One of the first questions they ask borrowers is "What is your monthly comfort zone for payments on your new home?"
They understand that a borrower may qualify for a higher payment but if they are not comfortable with that payment that it would be better to purchase a less expensive home.
Simply taking the opportunity away from homebuyers that do not have the ability to come up with a downpayment does not solve the current economic crisis we are in. It only allows those that have money be in a position to take advantage of the good buys that are on the market today.
Sincerely,
Patricia Boyd, RFS
Residential Finance Specialist
Letter I posted...
I support H.R. 600. This bi-partisan legislation will reform and restore DPA for hundreds of thousands of qualified homebuyers each year who need the help, while ensuring DPA remains a program run by credible nonprofit organizations.
Reformed DPA will help stimulate the housing market by providing working-class Americans with a path to homeownership and generate $150 billion in home sales this year.
H.R. 600 will set FICO score eligibility thresholds for DPA participants, require homeownership counseling is made available to recipients, and better regulate entities that provide DPA.
Creating opportunities for homeownership is the cornerstone to strengthening a crumbling housing market and breathing life back into the economy.
The current economy offers some very good buys on homes in many markets. If a buyer could overcome the barrier of the down payment and be able to purchase a home with a low interest rate they could very well be able to own their own home with a monthly payment lower than the rent they are currently paying.
The key is the consumer education and having consumers work with honest, ethical real estate and mortgage professionals, such as,Residential Finance Specialist (RFS) designees.
RFS designees have received advanced training in financing and are dedicated to protecting the consumers interest in real estate transactions. One of the first questions they ask borrowers is "What is your monthly comfort zone for payments on your new home?"
They understand that a borrower may qualify for a higher payment but if they are not comfortable with that payment that it would be better to purchase a less expensive home.
Simply taking the opportunity away from homebuyers that do not have the ability to come up with a downpayment does not solve the current economic crisis we are in. It only allows those that have money be in a position to take advantage of the good buys that are on the market today.
Sincerely,
Patricia Boyd, RFS
Residential Finance Specialist
Subscribe to:
Posts (Atom)
