Down Payment Assistance Needs Your Help!
The housing stimulus bill is expected to be reconciled this week between the House and Senate. This is great news for the real estate market as it will help give us a jump-start into the rebuilding the industry. However, while the House bill completely supports Down Payment Assistance, the Senate bill does not. The situation is so dire that the Sentate had over 60 votes banning DPA, which is enough to override a President veto.
HUD’s proposal for regulating DPA will be irrelevant if the Senate version of the bill is adopted and sent to the President. DPA will be banned by law. Action must be taken immediately because the panic over Fannie and Freddie is driving the housing bill through both the House and the Senate at rapid pace. The politicians go on recess at the end of next week and they know they must get something passed for the elections. So, what can you do to help support Down Payment Assistance – call Congressman Barney Frank at 202-225-5931 because he is the sponsor of the House bill. He supports DPA and is the person advocating it be maintained. Let him know that you support him. We would love to flood his office will calls voicing their opinion on DPA.
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Anon | Jul 16, 2008 | Reply
Let the lenders take the properties back. Let the property loser take the loses on their taxes for the years allowed. Let the market take the true correction. Check out these Representatives that maybe using their positions to protect their personal interest or investments, which would be a violation of their office. Prosecute them to the full extent.
omus | Jul 23, 2008 | Reply
DPA is nothing more than a sham. While “non profit” oragnizations are created to “gift the buyer” with DPA in reality it is little more than a shell game. Let’s call it like it is. DPA is simply a Seller paying the buyers down payment (often agreeing raising the price of the home make the sale happen) by funneling the cash through the approved third party to satisfy the FHA’s 3% down payment requirement.
Now what really would make it a legitimate assistance program is for the funds to truely come from a third party source…Oh but where are those benevolant benefactors?