My Life as a Realtor!

It is one hot summer! I mean Temp and Real Estate! We have gone from a 11.5 month inventory in the Market to less than 9. That means in a couple of months we will be back at a regular, strong market. There has been a new bill signed by Bush. He inked the bill this morning. On top of the government bailout on the sub-prime mortgage and good hardworking people who got a bad mortgage between Jan 2005 and Dec 2007, they will be able to refi into a government loan such as a FHA. If you need help with this, please call me today!

With this bill that passed there will be a stop edge with the no money down program. What this is a gift from the seller to a 3rd party non-profit such as Nehemiah, AmeriDream and Heart. If you miss the deadline of Sept. 30 2008 you will need to come up with your own money down. But still FHA is only 3% of purchase price. If you act now we can still get you the full 6% from the seller. 3% for down payment and 3% for closing cost.

Check out this article.

If you or any of your buyers are planning on buying FHA with the down payment assistance, get moving! As of right now the last day for the down payment assistance will be October 1st of 2008 – after that they must have a 3% down payment or a gift from a family member. Pass this along to your friends.



Down payment assistance: Soon a thing of the past

The housing rescue bill, soon to be a law, bans down-payment assistance programs such as the ones offered by Nehemiah and AmeriDream. The ban goes into effect Oct. 1.

Down payment assistance programs took advantage of a loophole in the way the FHA treats down payments. To get an FHA-insured mortgage, the homeowner has to make a down payment of at least 3%. Homeowners don't have to save even that much; the 3% can come as a gift from family members or nonprofit organizations.

Regulations don't allow the home seller to provide the down payment money. That's where down payment assistance programs come in. They are nonprofits. That allows the seller to give the 3% down payment money to Nehemiah or AmeriDream, and then Nehemiah or AmeriDream can turn around and "give" the down payment to the home buyer as a "donation."

Fannie Mae and Freddie Mac don't allow sellers to indirectly give down payments to buyers. But the FHA has allowed this type of transaction for years. The FHA has long complained that down payment assistance programs artificially inflate house prices and that loans using down payment assistance are more likely to default. But prominent congressional Democrats have protected the down payment assistance programs on the grounds that they allow many minority families to become first-time home buyers.

House Democrats wanted to keep the loophole open, and Senate leaders wanted to close it. With this law, the Senate won.

I will make sure you are taken care of in this trying time. You need someone to trust. Trust me to take care of you. Let me know if I can help you today!

Here are the quotes!

"The fixed determination to have acquired the warrior soul, to either
conquer or perish with honor, is the secret of victory."
-- George Patton, General

"One's only security in life comes from doing something uncommonly well."
-- Abraham Lincoln, 16th President of the United States

"It is a peculiarity of man that he can only live by looking to the
future. And this is his salvation in the most difficult moments of his
existence, although he sometimes has to force his mind to the task."
-- Viktor Frankl, Austrian Neurologist

"The most delightful surprise in life is to suddenly recognize your own worth."
-- Maxwell Maltz, Surgeon

"Opportunity is missed by most people because it is dressed in overalls
and looks like work."
-- Thomas Edison, Inventor

"I will study and prepare, and someday my opportunity will come."
-- Abraham Lincoln, 16th President of the United States


"Of course you want to be rich and famous. It's natural. Wealth and fame
are what every man desires. The question is: What are you willing to
trade for it?"
-- Confucius, Philosopher

"The reasonable man adapts himself to the world. The unreasonable one
persists in trying to adapt the world to himself. Therefore, all
progress depends upon the unreasonable man. "
-- George Bernard Shaw, Playwright

"In the end it is important to remember that we cannot become what we
need to be by remaining what we are."
-- Max Dupree, Author

"The difference between intelligence and education is this: Intelligence
will make you a good living."
-- Charles Kettering, Social Philosopher

"The rung of a ladder was never meant to rest upon, but only to hold a
man's foot long enough to enable him to put the other somewhat higher."
-- Thomas Huxley, Biologist

"The difference between intelligence and education is this: Intelligence
will make you a good living."
-- Charles Kettering, Social Philosopher