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Thread: CDA approved?

  1. #1
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    Default Re: CDA approved?

    Quote Originally Posted by John Dirks Jr View Post

    What is it ?
    .
    ...........
    Catholic Daughters of the Americas
    .

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

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    Default Re: CDA approved?

    Sorry John,
    * twas a weak moment.

    My guess is CSA International - Wikipedia, the free encyclopedia
    .
    CSA not CDA
    .

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

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    Default Re: CDA approved?

    Quote Originally Posted by Billy Stephens View Post
    Sorry John,
    * twas a weak moment.

    My guess is CSA International - Wikipedia, the free encyclopedia
    .
    CSA not CDA
    .

    No need to be sorry, I like the lively humor.

    The client said it was a CDA loan type which required the approvement. Maybe she was mis-informed.


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    Default Re: CDA approved?

    Quote Originally Posted by John Dirks Jr View Post

    The client said it was a CDA loan type which required the approvement. Maybe she was mis-informed.
    .
    Maybe Here http://www.rurdev.usda.gov/me/newsle...%20InfoNow.pdf
    .

    It Might have Choked Artie But it ain't gone'a choke Stymie! Our Gang " The Pooch " (1932)
    Billy J. Stephens HI Service Memphis TN.

  6. #6
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    Default Re: CDA approved?

    Quote Originally Posted by John Dirks Jr View Post
    I had a potential home buyer client ask if I was CDA approved. I've never heard of that before. What is it and who would require it?
    Quote Originally Posted by John Dirks Jr
    The client said it was a CDA loan type which required the approvement. Maybe she was mis-informed.
    I think she's confused. Most likely confusing with an FHA/HUD, VA, or RHS "appraisal/property (inspection) report" as she's likely less than 80% LTV and is using same under the DCA Maryland Mortgage Program.

    CDA or DCHA, neither "approves" regular Home Inspectors for "classic" home inspection services, AFAIK.

    CDA stands for "Community Development Administration" which in Maryland the funding is provided via tax exempt bonds, under IRS rules, and the program is administered in Maryland under the Department of Housing and Community Development:

    Community Development Administration (CDA)
    Maryland Department of Housing and Community Development (DHCD)
    100 Community Place
    Crownsville, MD 21032-2023
    SingleFamilyHousing@dhcd.state.md.us <mailto:SingleFamilyHousing@dhcd.state.md.us>
    410-514-7530
    Toll Free (Maryland Only): 800-638-7781
    Fax: 410-987-4136

    See (clickable link): Maryland Mortgage Program (Maryland Mortgage program) an official CDA/DHCD site;
    See also (clickable links): http://www.mdhousing.org and HOPE (Home Owners Preserving Equity): Foreclosure Prevention/ Assistance Program.

    suggest you "click on" FAQs first.

    I suspect either the following:

    1. Your potential buyer client thinks that "home inspections" are settlement based, and you perform them on "spec" receiving payment only at settlement if buyer, property are approved and contingent sale is completed; and/or you perform them otherwise gratis;
    2. Your potential buyer client is further considering new construction in a Priority Funding Area (PFA) and may have confused a final inspection for C of O (AHJ inspection) with a Home Inspection or confused a local development administration property eligibility/location "certification" from the local unit of administration/authority; and/or confused with #3 below;
    3. Your potential buyer client has made the classic FHA/HUD, VA, or RHS "appraisal/property condition report vs. what is a 'regular' Purchaser's/Buyer's 'REAL' Home Inspection" blunder and has confused a "home inspection" with same (HUD/VA/RHS appraisal/property condition report) as DCA program mortgages with less than 80% LTV are FHA, VA, or RHS insured/guaranteed; and/or a survey regarding consideration of purchase of a short-sale or post-foreclosure non-DCHA-owned or DCHA-owned property.
    4. Your potential buyer client has yet to have located a "DCA approved lender", not yet been pre-approved for the first mortgage program loan, and has not yet had her "potential property" 'RESERVED'; and is "putting the cart before the horse" in the program counciling, classes, pre-approval/pre-qualified, shopping, contract-to-purchase with contingencies including program financing, downpayment & settlement assistance & matching program funding/approval, property meeting program and insurance/guarantee program provisions, and the contingency for a buyer's home inspection - and what that home inspection SERVICE IS and IS NOT - and that IT is paid for independantly of 1, 2 and/or 3 at the time of service with potential buyer's funds.
    5. Your potential purchaser client is looking at a DCA/DCHA program purchase of a to-be-rehabillitated property in conjunction with a FHA/HUD rehabillitation loan (and possible downpayment & settlement cost assistance program) and needs the services of THOSE type reports, administration, management "inspections" (503K?).

    There are also special DCHA-owned foreclosure property purchase programs and non-DCHA-owned foreclosure property and short-sale purchase programs, in addition to property to-be-rehabilitated purchase programs.

    If a less-than-80% LTV first DCA program mortgage, would be an insured/guaranteed mortgage via FHA, VA or RHS and may be up to 100% financed with or without downpayment & settlement cost "assistance" and/or matching with or without bonus funds via a second lien at zero percent, with no interim payments, paid one-time in full only at time of sale, transfer or refinance second lien.



    As far as I can research the materials for both potential consumers/program applicants, and DCA Lender materials; there are no DCA-approved "Home Inspectors", per se. If the mortgage is to be guaranteed/insured via HUD(FHA), VA, or Rural Housing Service (RHS-via USDA), she's likely looking for the "classic" HUD-survey/appraisal/property condition report. If not, she is likely looking for something from the AHJ regarding a newly constucted property, or an occupancy eligility certification for a foreclosed or short-sale property, or a to-be-rehabillitated property; possibly looking for something regarding a local territory (depending on county, city, local boundries for various program elibility) requirement verification. Without knowing the location of the proposed purchase - didn't bother to further research the local programs or any local rules regarding the targeted areas or the counseling/training materials and other Community Block Grant program funded program eligibility.

    The advantages include fixed interest rate low interest loans (presently 30-year fixed at 2.5-3.5% with zero points on the first mortgage), potential 100% financing (with participation in downpayment and settlement cost program assistance, matching, and bonus program loans which require no payment until sold, transferred or refinanced and at zero percent for the life of the loan; and presently, should the purchaser move, transfer, sell, or refinance in less than 9 years, not having to pay gains tax or if having to pay, being eligible for reimbursement of what had to be paid; (otherwise vested after 9 years) at zero-interest-over-life of loan on a second lien "income" (benefit) of zero-interest no interim payments, un-insured, second "mortgage" in conjunction with a FHA/HUD, VA or RHS program first mortgage.

    Last edited by H.G. Watson, Sr.; 08-28-2011 at 08:47 AM.

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    Default Re: CDA approved?

    Quote Originally Posted by John Dirks Jr View Post
    I had a potential home buyer client ask if I was CDA approved. I've never heard of that before. What is it and who would require it?
    John,

    Enlighten me here. Should I take this personally?

    I have answered this exact question for you twice, on two seperate threads, posted 4 months apart, on another MB. I included links to the (f)actual information for you to "get it straight from the horses mouth". What exactly are you not understanding???

    Or are you just posting for the sake of posting?


  8. #8
    Darrel Hood's Avatar
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    Default Re: CDA approved?

    Jeff,
    Apparently you know the answer to the OP question. Please, post the answer for those of us who haven't seen the other sites you mentioned. Inquiring minds want to know.

    Thanks,

    Darrel Hood
    DILIGENT PROPERTY SERVICES


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    Default Re: CDA approved?

    Quote Originally Posted by Darrel Hood View Post
    Jeff,
    Apparently you know the answer to the OP question. Please, post the answer for those of us who haven't seen the other sites you mentioned. Inquiring minds want to know.

    Thanks,

    Darrel Hood
    DILIGENT PROPERTY SERVICES
    Darrel,
    As you can see, I am in MN. and don't keep the information on file, as it doesn't effect my business. I performed a simple Google search and read through a few sites to find the information. I think I spent all of 10 minutes. I will do that again if need be, when I get some free time.

    Or, the OP could start HERE.

    I just found it very interesting that the same person, asking the same question, keeps popping up every couple of months, on different message boards. Appearantly he doesn't like my answers, or has a personal problem with me. Whatever... his loss and wasted time.

    Jeff


  10. #10
    Darrel Hood's Avatar
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    Default Re: CDA approved?

    I did the Google search Jeff suggested and saw that the CDA is a target area/first time buyer government program in Maryland Like Jeff, that's all I need to know. However, the search yielded many more details which may be useful for the Maryland based OP.

    Darrel Hood
    DILIGENT PROPERTY SERVICES


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    Default Re: CDA approved?

    Quote Originally Posted by Darrel Hood View Post
    I did the Google search Jeff suggested and saw that the CDA is a target area/first time buyer government program in Maryland Like Jeff, that's all I need to know. However, the search yielded many more details which may be useful for the Maryland based OP.

    Darrel Hood
    DILIGENT PROPERTY SERVICES
    Darrel,

    Now you understand my questions to the OP. One has to wonder of his motives and/or abilities or seriousness of being involved in this industry, as research is a major part of it.

    Jeff


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    Default Re: CDA approved?

    Quote Originally Posted by Jeff Jonas View Post
    John,

    Enlighten me here. Should I take this personally?

    I have answered this exact question for you twice, on two seperate threads, posted 4 months apart, on another MB. I included links to the (f)actual information for you to "get it straight from the horses mouth". What exactly are you not understanding???

    Or are you just posting for the sake of posting?
    Jeff, I honestly don't remember if I did ask this before. Can you post or send me a link to the thread where I asked this previously?

    I'm not posting just for the sake of posting. I googled but maybe my query was not as fruitful as a different one might have been.

    If I did ask and forgot, does that mean I intend to offend you? I ask this because it sure seems like I've done that. Now you suggest that I have a problem with you.

    I could be wrong (admitting its possible that I forgot), but I think you got me mixed up with someone else.

    Post the link to the threads where you say I asked.

    I'm trying hard not to act like a prick. It's just to easy to do that.

    __________________________________________________ ____________

    HG, thanks for the detailed info and effort you put into your answer.

    Last edited by John Dirks Jr; 08-30-2011 at 08:59 PM.

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    Default Re: CDA approved?

    Quote Originally Posted by John Dirks Jr View Post
    HG, thanks for the detailed info and effort you put into your answer.
    John,

    You're welcome.

    As you can see, if you explore the multitude of state-wide CDA programs in addition to the regionally administered grant funded programs; the programs included are not ONLY for first-time buyers.

    BTW, sorry for the typo above (my number 5) used the number pad and made a typo hitting the 5 instead of the 2 for "203K" i.e. HUD/FHA type funding/"inspections". Hope the message for that portion was clear enough despite the typo.

    Last edited by H.G. Watson, Sr.; 08-31-2011 at 07:35 AM.

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