2012 Housing Loan Subsidies (Associated Press)

Richard Wright said:Look, $2 million isn't exactly a mountain of cash for the federal government. Maybe the subsidies aren't some massive national undertaking, but they'll burn through every cent before summer ends just so they can claim victory.
So far, they've already approved over 750 loans...

- total number of applications received under the subsidized loan law: 905

What was the actual subsidy budget allocated for this year?
Given that averages for housing units were likely calculated based on maximum prices, if the actual average ends up being much lower, we might see a significantly higher number of claims for funds. 🤷

Richard Wright said:Look, $2 million isn't exactly a mountain of cash for the federal government. Maybe the subsidies aren't some massive national undertaking, but they'll burn through every cent before summer ends just so they can claim victory.
So far, they've already approved over 750 loans...

Back in 2012, they claimed they would approve $50 million. That shouldn't be a major issue either, but in this country, you never really know what's going to happen.😢

shadowdrifter48 said:- total number of applications received under the subsidized loan law: 905

What was the actual subsidy budget allocated for this year?
Given that averages for housing units were likely calculated based on maximum prices, if the actual average ends up being much lower, we might see a significantly higher number of claims for funds. 🤷

That brings us to 942. That’s an extra 37 in just one day.

How much was actually set aside for subsidies this year?
Since they calculate the average based on the max price, but if the actual average turns out way lower, we might end up needing to cover a lot more applicants. 🤷

$25 million.
That should cover about 1,040 apartments.

Richard Wright said:Look, $2 million isn't exactly a mountain of cash for the federal government. Maybe the subsidies aren't some massive national undertaking, but they'll burn through every cent before summer ends just so they can claim victory.
So far, they've already approved over 750 loans...

Well, obviously it doesn't feel like much when it isn't coming directly out of your own pocket—even though it actually is.

At this rate, the funds will be tapped out in about two weeks.

🙂

Does anyone know if it's actually possible to apply for a subsidy on a mortgage that was already finalized earlier this year? 😕😕😕

The property is new construction, priced under $2,100 per square foot, and was part of a plan to finally secure housing... but the loan has already been drawn.

quietfox41 said:Does anyone know if it's actually possible to apply for a subsidy on a mortgage that was already finalized earlier this year? 😕😕😕

The property is new construction, priced under $2,100 per square foot, and was part of a plan to finally secure housing... but the loan has already been drawn.

Nope. You gotta check the subsidized loan law over on the Associated Press website. The contract has to be signed after this law actually went into effect... 😉

Hannah Palmer66 said:Nope. You gotta check the subsidized loan law over on the Associated Press website. The contract has to be signed after this law actually went into effect... 😉

Are we positive this hits in 2012? Any idea when, roughly? From what I can tell, nobody’s questioning if that $8 million is coming next year—it's just a debate over whether some of it gets pushed into this year.

Does it automatically roll into 2012, or do they have to vote on it all over again?
(I mean, we aren't expecting the same administration to still be in charge, right?!)

For example:

http://www.politicsplus.com/news/4...for-2011.-

says:

Per the law, the program will continue through 2012. Once it's ready, the Associated Press will put out a notice in the public papers and The New York Times. Deadlines for submitting subsidy applications to the chosen banks start from that specific date.

Thanks!

James Palmer11 said:Are we positive this hits in 2012? Any idea when, roughly? From what I can tell, nobody’s questioning if that $8 million is coming next year—it's just a debate over whether some of it gets pushed into this year.

Does it automatically roll into 2012, or do they have to vote on it all over again?
(I mean, we aren't expecting the same administration to still be in charge, right?!)

For example:

http://www.politicsplus.com/news/4...for-2011.-

says:

Per the law, the program will continue through 2012. Once it's ready, the Associated Press will put out a notice in the public papers and The New York Times. Deadlines for submitting subsidy applications to the chosen banks start from that specific date.

Thanks!

But man, that’s exactly what’s driving me crazy! If the subsidies do happen in 2012—and I’m betting they will—the real kicker is the timing. It’s not like everything just magically flips on January 1st, 2012... it doesn't start until they drop that aforementioned NOTICE, and honestly, who knows when that might actually happen...🙄😕

Hannah Palmer66 said:But man, that’s exactly what’s driving me crazy! If the subsidies do happen in 2012—and I’m betting they will—the real kicker is the timing. It’s not like everything just magically flips on January 1st, 2012... it doesn't start until they drop that aforementioned NOTICE, and honestly, who knows when that might actually happen...🙄😕

If the administration is calling the shots, don't expect anything before maybe three months from now. That's assuming the President doesn't decide to sabotage even decent laws just to get back at the GOP. But hey, if the government already dropped that $50 million and some random suit at the Associated Press is making the calls, maybe it happens right after the election.

Then again, who knows? Maybe the people cranking out these articles don't have a clue what's going on any more than we do.

And who are we supposed to ask? Secretary Mnuchin? Maybe he can take a break from playing Call of Duty and actually reply to an email. 🤣

Good luck, James Palmer11

James Palmer11 said:If the administration is calling the shots, don't expect anything before maybe three months from now. That's assuming the President doesn't decide to sabotage even decent laws just to get back at the GOP. But hey, if the government already dropped that $50 million and some random suit at the Associated Press is making the calls, maybe it happens right after the election.

Then again, who knows? Maybe the people cranking out these articles don't have a clue what's going on any more than we do.

And who are we supposed to ask? Secretary Mnuchin? Maybe he can take a break from playing Call of Duty and actually reply to an email. 🤣

Good luck, James Palmer11

The worst part is I'm still waiting on the Associated Press for this year's funding. I submitted my application just a few days before that infamous notice of termination of subsidies went out... and still nothing. Supposedly, they're waiting to see if anyone drops out so they can give us folks hanging in limbo a shot, but honestly... I'm not holding my breath... 😢
So now I'm low-key panicking. Do I wait until 2012 and pray to God there's actually money coming from the Associated Press, or should I just go ahead and apply for a standard bank loan... 🤷🤷🤷

Hannah Palmer66 said:Nope. You gotta check the subsidized loan law over on the Associated Press website. The contract has to be signed after this law actually went into effect... 😉

But that just isn't fair...

Someone might end up paying only half for, say, the first four years of their mortgage $1.25 while they only pay $0.67. If we are talking about actual money, everyone should be paying $0.33.

Meanwhile, those of us who struggled through the entire process to secure a loan just a month earlier are stuck paying the full amount...

How can that possibly be considered equitable? Why is it that some people receive maximum relief while others are left to struggle—or perhaps find themselves unable to qualify for a loan at all given their income levels...

It’s just... I suppose I am simply a bit frustrated by the fact that the rules aren't applied equally to everyone.🙂 🙂🙂

Hannah Palmer66 said:The worst part is I'm still waiting on the Associated Press for this year's funding. I submitted my application just a few days before that infamous notice of termination of subsidies went out... and still nothing. Supposedly, they're waiting to see if anyone drops out so they can give us folks hanging in limbo a shot, but honestly... I'm not holding my breath... 😢
So now I'm low-key panicking. Do I wait until 2012 and pray to God there's actually money coming from the Associated Press, or should I just go ahead and apply for a standard bank loan... 🤷🤷🤷

My investor is dragging his feet big time, so the Fannie Mae 2011 deal is basically dead for me. If I knew for sure things would be steady next year, I wouldn't mind waiting, but who knows what kind of mess we'll be dealing with by then...

If only I knew who to grill about whether this kicks off right at the start of the new year—and who's the big shot actually pulling the strings on these decisions?

quietfox41 said:But that just isn't fair...

Someone might end up paying only half for, say, the first four years of their mortgage $1.25 while they only pay $0.67. If we are talking about actual money, everyone should be paying $0.33.

Meanwhile, those of us who struggled through the entire process to secure a loan just a month earlier are stuck paying the full amount...

How can that possibly be considered equitable? Why is it that some people receive maximum relief while others are left to struggle—or perhaps find themselves unable to qualify for a loan at all given their income levels...

It’s just... I suppose I am simply a bit frustrated by the fact that the rules aren't applied equally to everyone.🙂 🙂🙂

That’s just one of those "I told you so" moments... damn. It’s exactly like the crowd that went out buying condos three years ago for $2.5k or $3k a month in Miami, only to cry about it now because I’m picking one up for 30-40% less.

Just my luck, right? So, Fannie Mae is officially leaving us hanging.🙂

James Palmer11 said:My investor is dragging his feet big time, so the Fannie Mae 2011 deal is basically dead for me. If I knew for sure things would be steady next year, I wouldn't mind waiting, but who knows what kind of mess we'll be dealing with by then...

If only I knew who to grill about whether this kicks off right at the start of the new year—and who's the big shot actually pulling the strings on these decisions?

Ugh, tell me about it... I've been wondering the exact same thing, but honestly? I don't think anyone actually has a clue...😠

Can anyone help me out with the legal side of things? I'm trying to figure out how to word the section in my purchase agreement regarding the Fannie Mae incentives. Basically, I want to make sure there's a clause stating that if we don't get approved for those subsidies by January 1st, the entire sale falls through. Also, I need to ensure that if this happens, I'll get my full deposit back, along with any other funds I've already handed over as part of the preliminary agreement. Thanks!

quietfox41 said:But that just isn't fair...

Someone might end up paying only half for, say, the first four years of their mortgage $1.25 while they only pay $0.67. If we are talking about actual money, everyone should be paying $0.33.

Meanwhile, those of us who struggled through the entire process to secure a loan just a month earlier are stuck paying the full amount...

How can that possibly be considered equitable? Why is it that some people receive maximum relief while others are left to struggle—or perhaps find themselves unable to qualify for a loan at all given their income levels...

It’s just... I suppose I am simply a bit frustrated by the fact that the rules aren't applied equally to everyone.🙂 🙂🙂

And there are even more absurdities.
For instance, you receive $18667 for a third child. Where exactly do you think that money is coming from? It is a total degradation of single individuals who simply want to be left alone.

I truly don't understand what people are waiting for, or why they aren't rushing to have kids...

mistyhawk17 said:And there are even more absurdities.
For instance, you receive $18667 for a third child. Where exactly do you think that money is coming from? It is a total degradation of single individuals who simply want to be left alone.

I truly don't understand what people are waiting for, or why they aren't rushing to have kids...

No comment on the "cranking out kids" part. :-)

Just a heads up... looks like Hypo might actually have some decent news or announcements for 2012:

Fannie Mae (Real Estate Regulatory Agency) announced they’ll have new funds available for subsidized loan laws starting early 2012.
They're telling citizens to start gathering their paperwork by late 2011 to apply for loans and subsidies, though they noted these loans can only happen if Fannie Mae approves the subsidy.

Of course, they're hedging their bets with that "if Fannie Mae approves" clause... blah blah. Basically, there might be something to this, and 2012 isn't exactly ages away.🤷

Here's the link:

So, I got word from JPMorgan Chase yesterday that they’re supposedly reaching out to clients to start gathering all the paperwork needed for those subsidized loan law purchases... apparently, they're looking to kick things off again in January 2012...

James Palmer11 said:No comment on the "cranking out kids" part. :-)

Just a heads up... looks like Hypo might actually have some decent news or announcements for 2012:

Fannie Mae (Real Estate Regulatory Agency) announced they’ll have new funds available for subsidized loan laws starting early 2012.
They're telling citizens to start gathering their paperwork by late 2011 to apply for loans and subsidies, though they noted these loans can only happen if Fannie Mae approves the subsidy.

Of course, they're hedging their bets with that "if Fannie Mae approves" clause... blah blah. Basically, there might be something to this, and 2012 isn't exactly ages away.🤷

Here's the link:

Talking about his first moves he mentioned that the department needs to get its act together under an Administration decree first. After that, he’ll dive into fixing those legalization laws and then get moving on the subsidies and federal mortgage guarantees.

😂