No Money Down FHA Loans Going Away in Illinois: Get One Before October 1st, 2008
The mortgage and financial news has come quick and fast. I just wanted to take a moment and help you fully understand what appears to be happening.
The House has approved the Foreclosure Bill and the President has signed it into law. Effective after October 1st, 2008 there will be no more no down payment FHA loans in Illinois and No Down Payment Assistance offered any more. We will have under 60 days before this happens.
***So if you are considering owning a home at this point with No Money Down or Assistance, please contact me so that we can get the ball rolling and get you a no money down FHA mortgage in Illinois before they go away.******
It's hard to believe they will take Down Payment Assistance away without replacing it with something else. That will eliminate a huge segment of our population that suddenly cannot qualify for a Illinois home mortgage.
The DPA element in the Bill is as follows:
"SEC. 2113. Cash Investment Requirement and Prohibition of Seller-Funded Down Payment
481
(C ) Prohibited Sources
In no case shall the funds required consist, in whole or in part, of funds provided by any of the following parties before, during, or after closing of the property sale: (i)The seller or any other person or entity that financially benefits from the transaction. Any third party or entity that is reimbursed, directly or indirectly, by any of the parties described in clause (i).
This paragraph shall apply only to mortgages for which the mortgagee has issued credit approval for the borrower on or after October 1, 2008."
Visit our website for addtional FHA loan information:
Ameristar Mortgage is your Illinois FHA mortgage broker:
Dennis Hardy
Toll Free: (877) 240-5840 x23
dennis.hardy@
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/
http://www.madisonmortgageguys.com/
