Have you heard? There's a new law in town and it is effective as of October 1, 2008!!! Yes, FHA as we know it will become a little more restrictive on the downpayment assistance programs--in more ways than one.Although we are Realtors, in some small way we must still stay abreast to what’s going on in the Mortgage world. If you think about it, you can't have one without the other. Over the past few months I've read numerous Realtor blogs from various sites which express how doing BPO's are their bread and butter between transactions. Well, I believe, the bread and butter for many Realtors are the down payment assistance programs. It is the alternate sub prime (only in a more tamed/monitor/restricted kind of way) for the first time homebuyer, who, ordinarily would not be able to purchase a home. This program was not just bread and butter to many, but the lifeline to this already struggling market. Yes, including our precious REO's.So, if your niche is first time homebuyers and/or FHA, now is the time to talk to your lenders to get the 4-1-1 regarding the new bill and see how it affects you and your service to your clients. Without this knowledge, you could make or break many deals currently in your pipeline.Hurry, push those deals through. We know all too well, October will be here before we know it. You know how we do it, we'll stand around scratching our heads, standing by the water cooler, saying, "dang, I can't believe its October already" .Although FHA may be changing as we know it we still have our good ole REO's. There are still ways to find clientele. As I've said before, real estate is still one of the best resources to make that "ALL MIGHTY DOLLAR".Good Luck to all.For exact details re: this new billhttp://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisionsor visit www.Realtor.org
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