I updated on the post yesterday, but since many don't follow comments, wanted to get this out here.

Missy, It's so very frustrating to get bad information from sources that should know what they're talking about! Hey, I love the new signature!

Missy - It's a wacky world we live in right now.  From what I read, I think you did your due diligence and were just the victim (for a lack of a better term) of misinformation from a source that should have known better.

Thanks for the apology and update.  I think I read it on your post first, saw a lot of those announcements from NAR etc. and sent one to a lender I often refer early this AM and she gave me the scoop.  I have sent e-mails that I did not check on Snopes and I hate when this happens but all you can do is clear it up - Thanks!

After I read the post I asked a couple of loan officers and they were not sure about it.  I think with the way news travels now, we all need to be aware of what is happening know we need to see how much devil is in the details?  Too bad that is not the case- it would change the market for sure!!

Your trade associations have the credibility of Nancy Pelosi. They told us QUARTER AFTER QUARTER AFTER QUARTER in 2004, 2005, 2006 & even 2007 that the worst is over in the real estate markets.

LOL!!!!

Yea, I also retweeted that....and read that one of the builders was going to use it to help buyers by "loaning" them the money,......etc etc etc.  Then today I read that this isn't the case.  Who do you trust is right :)

Missy

Information can get distorted at times; you are always doing your best and that is what really counts. Trade organizations need to get it right. You and I rely on information from them.

Missy - I talked to my lenders and what they told me is that this is still in the works - they are trying to make it work out... so don't beat yourself up... it could be true before we know it.  (signed Thesa not Thersa <grin>)

Missy - I reblogged Jeff's post too to try to clear up the 'current' status of the incentive, and updated my post from yesterday to make people aware not to jump the gun and assume it's a done deal...I am totally confused myself as I got info direct from someone who used it, so now I dont know who the heck to believe...

Perhaps they put the cart before the horse, good idea possibly, but details on how to implement probably pretty tricky.

Missy...and I was just getting ready to send this out to my clients that are due for an e-mail from me. Now what am I going to send????

Thanks!

Missy.  Missy.  It is Secretary of HUD who should be on the TV apologizing to the public and all real estate agents and loan officers. 

He staked us out without verifying his information.  They want folks to believe that they are doing wonderful things to help consumers. 

I haven't heard a word from him today. 

Our red flag should have gone up.  "Bridge Loan" for an FHA loan"???  "Use borrowed money for a down payment"?  Mmmmmm.

All I could think was "Who is going to sign the gift letter".

I retweeted you and was going to do a blog but was busy so didn't get it done. Thank goodness. You would think the HUD guy would know what's what. It did sound like a good idea, though.

I just checked with the news services and papers and there's nothing, nothing.  Nothing on the HUD web site either.  No news releases about it either.

What's going on??  Are they perhaps waiting for an edict from Obama declaring the bridge loan legal?  Perhaps there will be emergency rule change and eliminate the need for publication in the Feceral Register and comment period.  Or, can all of that be done by edict too.

STOP ME!!!

If they're backtracking on this totally, the public needs to know.

I reblogged your post. I hate to have egg on my face, but there it is...raw or scrambled, take your pick.

That was crazy, wasn't it?  I really stopped by to thank you for the birthday wishes!  Jeff's post truly is a great resource for us to  point to in an effort to clarify yesterday's fiasco!

Missy- Thanks to Jeff for saving the day. It is too bad the info was wrong.

Missy,

thank you for that and for the  link to Jeff. I would have bought into that and never susoect anything. So, it is great you corrected.

Hi Missy... It's "DEWEY DEFEATS TRUMAN" all over again!  Sadly, sometimes the communication gets fouled up, I guess.  Thanks for the link to Jeff!

It is crazy that these guys can not get their act together. From what I have read the majority of lenders don't even have the ability to do a bridge loan.

Missy, a lot of the loan officers around here were sending out incorrect emails as late as yesterday afternoon.  Oops!

Missy... love the new signature....  and who do I trust?  The hamburglar.              

Seriously, I just needed some Friday morning humor. It's tough and even the gov't has things confused or sometimes aren't sure or that they are clear or not on specific issues. They speak in politician voice at times... or as a lawyer would in regards to law documents.   And thank you for the link love.

Hi Missy-someone in my office told me this and I did not believe it for one minute...who can we trust?  Really!

Thank you for posting Missy. I started clanging the "NO NO NO" bell as soon as I saw the associated agents blasting out the bad info every 3 seconds on Twitter :) I have rarely trusted any financial information published by NAR. I know sometimes they really like to take credit for creating the mortgage banking industry (lol) but ...

Thesa - as Vice President of a fairly successful HUD lender (we're still in business!) and tied in with that group of people I'm going to trump your loan officers and clang the no no bell again. There may be some local organizations which offer this but no HUD lenders and it's not even in the discussion or policy decision stage. We'll wait until the backpedaling stops and then see what actually holds water.

Who can you trust Missy? I think you know that now.

Not to toot any horns but Jeff got it right even if it wasn't first. There are a number of us lenders on AR that try to pool our resources and experience to keep the info posted here accurate. When in doubt on subject matter like this, refer to your trusted lenders on AR. We will give you the truth, but be ready for news you might not want to hear!

There are still a number of other sites reporting the tax credit/DPA thing as a green light go project. I, for one, have little doubt Donovan isn't working on something to clean the egg off his face, but for now we have nothing new.

When we get something new, count on your lending leaders here on AR to get the facts to you. That's what we are here for.

Gerry Suarez, Jr.

Your FHA Loan Pro!

missy - I for one don't really trust anything that the current government says to be the whole truth. So far they have done a masterful job of misleading the public with great speeches to mask questionable policies.

Hi Missy,

I the government is confused, how can we keep things straight?   Thanks for the heads up.

Integrity is admitting when you are wrong and you have shown incredible integrity once again Missy!

Jeff - next time ignore my comments please - I did not go into the lengthy answer of what my loan contacts said because it really does not matter - it is not a valid way for us to use those funds right now - but it has been and continues to be talked about - there are several issues that many of our "trusted officials" are trying to put together.... and obviously there is something to this or it would not be blasted around the country.... My point was simply this.... lending has been for my clients anyway - SUBJECT TO CHANGE -  and this too is subject to chance...

Here is the email I got from my lender:

$8000 tax credit to be used for downpayment....HOLD ON!!
 
I have seen this all over the internet, and we have no information from a lending standpoint on how
this is going to be implemented.  I spoke to the office of housing at HUD, and a mortgagee letter
outlining the new process was released for about an hour, yesterday,  and then it was pulled back.
It said that the money was going to be given as a loan through non-profit and state agencies,
the problem and question for even the office of housing was, where are THEY getting the money,
so just hang on to your hat, cause they are still working out the bugs on this one, it is going to be
great for the economy and homebuying, so if you thought we were all crazy busy now, just wait.

Yes it is still on the NAR site, I check this AM, and no retraction from MAR.

I posted on it on agentgenius this AM.

Ken, thanks for your call.

I think the problem was is the information was changing every 5 minutes and as soon as we got excited about an announcement, by the time we told everyone there was a new announcement saying "Oh sorry"