Hello thrum in the process of buying a home and was just told that hud is not funding first time homebuyer programs until march 1 I was told the change was put in on 1/24/13 and it will take affect immidiatly has anyone else hear of this we were set to close on the 31st of this month and this happens.
Which specific program did you apply for Law3231? Are you working with a down payment assistance type program?
There are several first time home buyer programs generally administered either through your county or your state. If it is a county or state program, they do run usually on fiscal years rather than calendar years. So you may be running into a end of fiscal year problem. Could you provide a little more information?
I ame useing a CHFA first time homebuyer program went through the whole inspection appraisal all that loan was approved but first time buyer program told my lender they changed the process on the 24th and they won't fund Any first time buyers till march so now I have no idea when I will close on the house my lender told me it was set up on the 24th And will take effect immediately that seems very strange to me what do you think.
Do you have a contact at CHFA? If so, get in touch with them and verify the info you are told by the lender.
If you don't, contact them directly and verify anyway. Some LO's will tell you that the program ran out of funds and they are telling the truth, others not so much. Best to verify the fact directly with the housing authority involved.