Buyers Scramble as the Deadline for Seller Assistance Approaches

As the october 1 deadline for the elimination of Seller Assistance programs approaches, FHA Buyers in the Phoenix area are scrambling to secure a home.

I’ve heard some lenders are actually sending out the word that they will write no FHA loans that require seller assistance after 9/1/2008, due to the fear of a backlog of loans awaiting funding and the risk of these loans not closing by the 10/1 deadline.

I’ve also heard many conventional loan buyers are actually waiting to purchase their home until after 10/1 because they feel many homes priced under $300,000 have been priced to include the anticipated seller contributions. They’re hoping the prices will fall after 10/1. I personally don’t think this is going to happen…but time will tell.

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Amy Jones of the Amy Jones Group is a top producing Chandler Realtor specializing in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakeside & Show Low.

Comments

  1. George King says:

    I listened in on a town hall type meeting held by the people at the Nehemiah Program. Lots of good up to the minute information and the ability to ask questions. You can get information on the next event from the dpagroundswell site. http://www.dpagroundswell.org/events/index.cfm
    Quite a few of my sales use this program, not good for me if it is not saved soon.

  2. Thanks for the info. I don’t work with too many Nehemiah Buyers, but I do know that it’s going to impact our market if the program goes away!