You are currently browsing the tag archive for the ‘Government Loans’ tag.

As some of you know the Down Payment Assistance programs offered by FHA were on the verge of being shut down. Something like 30% of all FHA government loans were done with downpayment assistance programs. The two most popular non-for-profit’s, Nehemia and Ameridream, were in question of whether or not they actually were non-for-profits and if they deserved to stay afloat.

Well i’ll just copy and paste the email I recieved the other day…

August 1, 2008 Last night, Congress introduced bipartisan legislation, H.R. 6694 <https://www.ameridream.org/Documents/Congress/HR6694.pdf>  that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008. The Green-Miller-Waters-Shays plan would re-authorize and reform non-profit downpayment assistance and secure it as an allowable source for FHA borrowers. The bill seeks to ensure that providers of the downpayment assistance operate in a transparent manner to guard against conflicts of interest. The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers. It is important that you contact your elected officials in Congress and tell them that you support downpayment assistance and urge them to support H. R. 6694. To reach your elected officials, please call the US Capitol Switchboard at 202.224.3121. To learn how you can support it, visit http://www.supporthomeownership.com <http://takeaction.supporthomeownership.com/ahaa/issues/alert/?alertid=11521436> . AmeriDream continues to be your trusted advisor, bringing timely and accurate information when you need it most. Thank you for your continued support and confidence.  

We at Ford Financial pledge to always give you the real deal, up to date information about your home mortgage and the benefits/downfalls that come with it. Contact us today if you have any questions!!

After some time well spent, we can proudly say that we are FHA GURU’s. Sooo lets begin..

What is FHA?

The Federal Housing Administration. Although you probably are hearing more and more about FHA government loans it is NOT some new program. It has only been since the mortgage meltdown that FHA loan programs have risen to the top and are helping LOTS of people!!

Why FHA?

FHA doesn’t provide the money, they just provide the insurance on the money. Because of the declining housing market and increasing foreclosures/defaulting loans, mortagage insurance companies are becoming more and more strict about whose loans they insure and it’s coming back to bite YOU, the consumer, in the behind. FHA is the governments way of “coming to the rescue”.

Can you benefit from FHA?

Yes. There is a VERY VERY high possibility that a FHA government issued loan/refinance can help you get out of financial troubles.

Ford Financial as a mortgage company is adapting to these current changes. Now-a-days you have to put up your left leg and first born to the big bankers to get a decent interest rate on a loan. We know the “In’s and out’s” of the FHA loan programs.

The next few blogs will be all information about FHA so come back and learn a little will ya?

Realize how YOU can benefit.