According to an article in the Washington Post the FHA down payment assistance programs may finally be dead. The house is deferring to the senate and giving way to eliminating Third Party non-profit down payments assistance.
Over the last 8 years I have put a lot of first time buyers into these programs using Neighborhood Gold, Nehemia and others. I think this is a loss for everyone. This change is going add a significant barrier to home ownership, esppecially in the coastal states.
We need to call on our lawmakers to come up with a better solution than just eliminating this program and to re-vant FHA mortgages.
What are your thoughts.
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DPA provides a conundrum; some do benefit and others abuse the program.
I think it's something that needs to stay. As long as FHA will keep ownership to one home and require that the owner live it, most of our problems will be minimal.
I agree that the problems are minimal, especially now that FHA has switched to risk based pricing.
If you haven't done so, please go to this website, http://www.rallyforhomeownership.org/
It only takes 30 seconds. This form will go to your local Congressmen and Senators.
CONGRESS MEETS ABOUT THIS TODAY!
HUD should modify to lessen the risk BUT don't get rid of it. This is the last program out there right now that can get buyers into a home with no money. (They still have to credit and income qualify)
http://activerain.com/blogsview/605114/Down-Payment-Assistance-Congress
Mike. Have you ever looked at USDA Rural Development? 100% financing with no PMI. Gardner is eligible as is South of 175th Street. Would love to share information with you.
I will look at the USDA program, I did go on to the website and called both senators and my congressman, obviously to no avail
a new bill, The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 was introduced by several members of Congress on Thursday, July 31, 2008. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored this bill that if passed and signed into law will allow downpayment assistance to continue indefinitely.
Scott Syphax, President and CEO of Nehemiah Corporation of America praised this group earlier today.
"Maxine Waters, Gary Miller, Al Green and Christopher Shays have demonstrated the willingness to understand all sides of this issue and the courage and leadership to follow their conscience. All those who understand the importance of working class American's having their shot at homeownership, need to work together to encourage our elected officials to pass this bill."
Click here to help and contact your local elected officials, http://capwiz.com/nehemia/issues/alert/?alertid=11598811
I heard about this morning, I have been trying to build support to get this passed. I am a firm believer in DPA.