A local mortgage professional who we sometimes work with sent out a notice today. See the comments below in Italics.
Most of you are aware that Down Payment Assistance programs like Nehemiah, etc. are history effective October 1st. Lenders are requiring that loans using DPA’s fund by September 30th. Therefore, some lenders are requiring locking and submissions by August 15th and others by September 12th.
If you have any clients that need this program, now is the time to do it. While there is a movement to get the programs reinstated, it’s anybody’s guess as to how that will turn out. Let me know if I can help you in any way.
Jerry Rutherford
Professional Mortgage, Inc.
22659 Pacific Hwy So Suite 101
Des Moines, WA 98198
Phone: (206) 870-5050 Cell: (206) 356-1711
Toll Free: 1-800 764-5626
Email: [email protected]
www.pmiloans.com
WA Lic. # 510-LO-35158
I’d been receiving some other industry requests asking for feedback to be sent to legislative members who were responsible for voting. It seems that even with support from the NAR and mortgage professionals who see the daily need for programs like Nehemiah, the folks in government decided to act rashly anyway. I guess it’s typical politics as usual because government frequently seem like a massive pendulum going to extremes and only after protracted battles and lawsuits will it go to the center and make sense.
