Prospective members can obtain an application from Holly Hutchison, membership chair, or any DMBA officer or board member. No new applications for membership were received.
Any member with a comment concerning the pending admittance of any companies, positive or negative, should contact Holly at Holly.L.Hutchison@SouthernOhio MortgageLLC.com.

Announcements
Jeff Mundy Announces New Baby Girl

The Board of Directors would like to congratulate Jeff Mundy of State Farm on the birth of his new baby girl, Lilly Mundy born October 5, 2007 at 2:17am. She weighed 7lbs 11oz.

More from Mundy
Fellow DMBA member Jeff Mundy is announcing the opening of his new State Farm Insurance office starting November 1, 2007. Jeff’s office will be specializing in Insurance, Banking and Financial Services. His office is located at 300 S. Breiel Blvd in Middletown, Ohio. His business phone number is 513-424-1102. Jeff is hosting an Open House and would like to extend an invitation to the board and its members on Friday November 16, 2007 from 12:00-2:00 PM. Lunch and refreshments will be provided.

Jeff’s expertise in insurance and financial services is complemented by his prior experience as a Loan Officer. Jeff worked in mortgage sales for over five years at Union Savings Bank and plans to utilize that added knowledge and experience to provide superior service to his existing and prospective clients at State Farm. Jeff has enjoyed his role as a Dayton mortgage professional and is looking forward to working with the board and its members as an affiliate in 2008.

FHA Down Payment Programs
By Betty Downing, First Mortgage Banc

HUD has issued a final rule on the down payment and gift assistance programs for FHA loans.

Assistance for down payment or gifts provided by the seller, any person or entity that benefits from the sales transaction or any third party that is reimbursed directly or indirectly by the seller (Ameridream, Preferred Program, Nehemiah etc) are prohibited before, during or after the closing of a property.

The homebuyer must have an executed sales contract with all amendments to the purchase price prior to October 31, 2007 to use a gift that was derived by the seller.

Nehemiah has an agreement with HUD that will allow their program to continue until March 31, 2008. The sales contract and all their amendments need to be fully executed by this date.

Each lender is expected to make their own determination of when they will discontinue accepting FHA loans with down payment and gift assistance programs.