From the news desk
Fannie
Mae announces HomePath program
(January, 2010) Fannie Mae, a company which provides mortgage
financing through banks and brokerage firms, announced a new program designed
to sell many of its foreclosure properties. Requiring down payments as
high as $14,250, its offer to pay buyers' closing costs expires on May
1, 2010.
HUD
Inspector General Investigating Mortgage Companies with High FHA Claim
Rates
(January, 2010) HUD Inspector General Kenneth M. Donohue
and FHA Commissioner David H. Stevens announced today an initiative focusing
on mortgage companies with significant claim rates against the Federal
Housing Administration mortgage insurance program.
HUD
won't allow $8,000 tax credit to be used for down payment
(May, 2009) The US Department of Housing and Urban Development
("HUD") clarified that first time home buyers cannot use the
$8,000 tax credit provided for in the American Recovery and Reinvestment
Act ("ARRA") as down payment money.
$8,000
tax credit available to first time home buyers
(February, 2009) -- President Barack Obama signed into law
the American Recovery and Reinvestment Act ("ARRA"), a sweeping
and strategic bill passed by Congress to create or save three to four
million jobs, increase economic activity and provide more than $150 billion
to low-income and vulnerable households. One of the most exciting provisions
in the law is a new $8,000 tax credit for first time home buyers.
Shared
Equity down payment assistance - a new form of first-time home buying
help
(January 28, 2009) -- A new form of down payment assistance
is sprouting up in a few counties around the United States - called Shared
Equity Down Payment Assistance ("SEDPA"), this type of first-time
home buyers' help involves no monthly payments or interest ever.
US
Treasury Department considering 4.5% mortgage loans for buyers
(December 5, 2008) -- Treasury Secretary Henry Paulson is reportedly considering
offering 4.5% interest on new mortgage loans used for home purchases.
The low rates would encourage people to buy homes who may otherwise have
sat on the sidelines, watching the real estate market but not buying in.
By making homes more affordable through this financing initiative, the
Treasury Department hopes to reduce home inventories and help stabilize
the real estate market.
FHA
mortgage interest rates drop to new 12 month lows
(December 4, 2008) -- FHA mortgage interest rates are based on the bond
market, not set by the government -- and in the past ten days the bond
market has pushed FHA mortgage interest rates down by nearly one percent.
Colorado
to receive $53 million for neighborhood stabilization
(October 6, 2008) The State of Colorado will receive $53,053, 033 in emergency
grants from HUD (the U.S. Department of Housing and Urban Development)
through the Neighborhood Stabilization Program. The Program was created
through the Housing and Economic Recovery Act of 2008, and includes money
for home buyer down payment assistance,
purchasing and improving abandoned homes and helping homeowners in danger
of foreclosure.
State
housing finance agencies' down payment assistance running dry
(October 31, 2008) -- BusinessWeek Magazine reported yesterday that state
housing finance agencies are having trouble issuing the bonds they have
used in the past to help home buyers with down payment assistance and
mortgages. The magazine reported that West Virginia, Ohio, Wisconsin and
California have all suspended all or part of their mortgage and down payment
assistance programs financed through bond issues -- leaving HUD's
$100 down payment program as the easiest way remaining to buy a home
without thousands of dollars in down payment money.
Fed rate lowered
to 1.0%; GDP drops by 0.3%
(October 30, 2008) -- The U.S. Commerce Department announced this morning
that the nation's Gross Domestic Product dropped by 0.3% for the third
quarter of 2008. This comes the day after the Federal Reserve Board met
and lowered its key benchmark Federal Funds Rate (the "Fed Rate")
to 1.0%, matching the lowest rate used in the emergency response to the
attacks of September 11, 2001.
(October 15, 2008) The National Association of Realtors, a national trade association representing real estate agents, is pushing Congress to act on behalf of the residential real estate market before the end of 2008 during the lame-duck session before the new President takes office in January.
Down Payment Assistance not included in $700 billion rescue plan
(October 6, 2008) Despite significant lobbying efforts by supporters of seller-funded Down Payment Assistance ("DPA") programs, the $700 billion rescue plan signed into law does not include a resurrection of Down Payment Assistance. For now, this leaves HUD's $100 down payment program as the most accessible way to buy a home for owner occupancy without bringing 3% or more of the home's purchase price as a down payment.
HUD $100 program not eliminated by new law(September 11, 2008) -- According to the FHA Resource Center, HUD's $100 down payment program will not be eliminated by the Housing and Economic Stimulus Act of 2008. Contrary to popular belief, "the Act does not eliminate this incentive program from HUD - as long as the purchase contract indicates that it's a $100 down," buyers can proceed with their purchases using the program.
100dollarHUDhomes.com announces the $1 HUD home
(September 5, 2008) -- Yes, it's true: 100dollarHUDhomes.com is featuring a home in Indiannapolis, IN which is available for sale for $1.
Colorado foreclosures up 16% in first half of 2008 -- (August 5, 2008) Colorado's Division of Housing reported in August 2008 that foreclosure filings were up by 16% in the first half of the year, with some counties registering increases as high as 48%.
Down Payment Assistance programs eliminated under new law -- (7/30/2008) -- Down payment assistance ("DPA") programs, which have enabled home sellers to contribute to buyers' down payments, have been eliminated in the new Housing and Economic Stimulus Act signed into law by President Bush today. This provision of the new law does not apply to buyers using the $100 down HUD homes program -- meaning that as of October 1, 2008, the only way to buy a home with less than 3% down is through the $100 down HUD homes program.
President authorizes $7,500 tax credit for first time home buyers -- (July 30, 2008) President Bush signed into law the Housing and Economic Stimulus Act of 2008, a sweeping housing bill passed by Congress to revitalize the mortgage and real estate markets, in part by offering a $7,500 tax credit to first time home buyers.
Bush quietly signs mortgage relief measure -- (July 20, 2008) President Bush signed a housing bill Wednesday intended to rescue about 15 percent of the cash-strapped homeowners in fear of foreclosure in the next year or so. . . (click here for full article)
Announcement of HUD $100 downpayment plan -- (November 27, 2007)