Help Save Down Payment Assistance!

With the passing of the Housing and Economic Recovery Act of 2008, the down payment assistance programs are going to be eliminated. However, there is currently a good chance, if you act now, of preventing the down payment assistance programs from becoming extinct. Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded down payment assistance. The agreement allows HUD to impose risk-based pricing on down payment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund. Thanks to the advocates of down payment assistance, there is significant momentum in this direction. Nehemiah urges all supporters to continue their campaign to save DPA by contacting their Senators and request a swift passage of pro-DPA legislation. You can read more information about this breaking news on Inman News, but the bottom line is that you need to contact your Senators and persuade them to vote in favor of keeping down payment assistance. Maintaining DPA in conjunction with the new federal housing tax credit would greatly contribute to the rebound of the real estate market.