We have finally received confirmation that FHA has "terminated" the use of seller down payment assistance programs. All files must have final credit approval and appraisal on or before Sept. 30th. In essence we should be ready to pull docs and go to escrow by month end. There will be no exceptions.
The loan May Fund After "Sept. 30th" but there can be no changes of any kind.
This is a great time to spur on your first time buyers, "fence sitters". If you can get them to commit and buy right now, we'll get the loan set up and ready by Sept. 30th!
The FHA 30 yr fixed is looking good at 5.875%. At a rate of 6.5% we have enough rebate to cover the origination fee and most of the closing costs.
For More Information Contact:
Hank Stecker, Branch Manager/Mortgage Consultant
Windermere Mortgage Services Series LLC/SBA
Confidential Fax: 425.488.3942
Online application & rates