Posts by Emily Alvarez2

Nancy Fisher3 said:The law passed and the funding levels were approved. Now we’re just waiting on the official announcement to get things moving.
The Associated Press has been telling banks every single week to get ready because everything starts by the end of THIS week, and they've been saying that for three months now.
This whole situation is becoming a nightmare. The longer they stall, the more people will be ready to jump, which is going to cause a massive rush once the notice finally drops. There will likely be far more disappointed faces than happy ones.
The funds are earmarked for about 500 units, which makes me incredibly anxious because I was turned away last year since the money had already run out.
I just hope I don't face the same thing again.

When exactly did you submit your application, and when did you receive that rejection? I heard rumors that the federal housing agency is supposedly required to issue a decision within three days of receiving an application—which seems completely impossible if they're dealing with a massive volume of requests. There isn't anything mentioned about that specific timeframe in the guidelines or regulations, but the law does specify the window in which the agency notifies the commercial bank of its decision (Article 15):
"The decision regarding credit subsidy approval shall be delivered to the selected commercial bank via electronic means within three days of its issuance."

Nancy Fisher3 said:Ten days??????? This is pure torture. I feel like I'm losing my mind. Everything has been ready for six months, but these last three have been absolute hell because of all the lies from the Associated Press. Every single week they promise it'll be out by Friday, and then nothing happens. I don't understand why they do this...
The whole situation is driving me crazy...

I'm not even sure if the agency is at fault here; honestly, it seems more likely that this is a money issue—specifically regarding those $10 million plus $28 million that are supposed to be released from the federal budget... On the other hand, we all saw this coming a long time ago. Last year's legislation already accounted for subsidies through the end of this year (valid until December 31, 2012), and the official word was that the next installment would drop immediately following the budget approval. A lot of people factored that exact projection into their contracts or preliminary agreements (meaning: down payments), which is why I find this constant stalling to be completely unacceptable... 😢

cosmicgull76 As stated by:
I have finally finished compiling all the paperwork and submitted everything—truth be told, I wasn't even aware half of these documents existed until recently. Now, there is nothing left to do but wait.🙂

I have no idea what you're getting at here, because if you actually bother to look at the subsidy laws, they only cover a handful of specific items. For the most part, Article 13 states:

When an individual applies for a subsidized loan, they are required to submit more than just the standard documentation requested by their chosen commercial bank—though I assume there is little ambiguity regarding those specific requirements. In addition to that, the applicant must provide:

Please provide a photocopy of your driver's license.

The preliminary agreement—specifically, the purchase and sale agreement for the residential property for which the mortgage approval is being sought—

The buyer needs to secure an exact copy of the building permit and the certificate of occupancy for the specific property they’re looking to acquire.

To qualify, you’ll need to provide a notarized affidavit confirming that you don't currently own any residential property. Alternatively, if you do own a single home or apartment, you must swear under oath that you are selling it specifically to fund the purchase of a larger primary residence to meet your housing needs. Furthermore, if you are married, you are required to submit a statement affirming that your spouse does not own any other real estate.

By the way, I reached out to the Associated Press earlier today, and according to what I was told, we should expect the launch to kick off in about ten days or so. 🙂