We Can Still Save Down Payment Assistance

Down Payment Assistance programs were eliminated on October 1, 2008 due to the passage of the housing recovery act this past summer. While there are many positive attribute to this particular piece of legislation, for example the federal housing tax credit for first-time homebuyers, losing DPA is a huge negative. Down Payment Assistance programs have been helping first-time homebuyers dreams of homeownership become a reality for years.

These programs are extremely beneficial for the home building industry and promote responsible homeownership for credit worthy homebuyers, give instant equity and do not use one single tax-payer dollar. DPA provides affordable homeownership opportunities for low-to-moderate homebuyers. The ripple effect of those borrowers entering the market allows the “move-up” buyers to sell and re-purchase. New homebuyers are needed to stabilize home prices. Simply said, DPA needs to be brought back to allow the full recovery of our economy.

With the programs already being eliminated, how can we possibly help to bring them back? Well, congress is coming back to Washington, DC on November 17th for a week long Lame Duck Session, where they plan to take up a new Economic Stimulus package. This brief session begins in only 5 days, so we need your help immediately. Get on the phone to as many congressmen as you can reach. Send them emails, faxes or letters detailing your support of Down Payment Assistance programs. If we can bombard them with enough requests, hopefully they will see just how much the housing market needs DPA, and then reinstate it. DPA in combination with the first time home buyer tax credit should encourage more buyers into the market and give the boost we need. So, start calling today!