We have been approved for a loan with 25% down and almost have the down payment together.

My mortgage broker/friend said he seen programs that go as low as 490 credit score but they have some pretty strict terms.

I have the same clause in the addendum stating that the contract is assignable and they signed and agreed and the approval from the bank did not address non-assignments.

Soon I expect even submitting a short sale package will require a check for the full amount to be held until the lender accepts the offer.This is great news for those with good sources of ready funds that don't require any kind of approval in order to use them.If the bailout is approved in the next couple of days and signed by the President as promised this week.

It rolls the renovations into the loan and it only requires as little as a 3% down payment in some cases.I've read a lot about the program on FHA and other sites so I understand a good deal of how it works.One thing I haven't come across is what the requirements are for being an "owner occupied property".

Then when everything is acceptable, both sign.Then the buyer makes the changes to the contract in our document assembly program and reprints the documents on the spot.

New program is effective today. Here are the details:

http://www.hud.gov/hopeforhomeowners/index.cfm

Borrowers may be eligible if (among other factors):

The home to be refinanced is a 1-unit primary residence, and...

Well, seeing as most normal buyers aren't getting approved, I would think most illegals wouldn't have a shot in hell.

We were not an FHA approved building.

I agree with Lee Common & others-Owner finance or other creative financing may take off as good people cannot be approved for a mortgage.I make no predictions regarding banks and politicians fixing anything in a logical or timely manner unless it lines their own pockets.