The Ameridream and Nehemiah seller-funded downpayment assistance programs are in jeapordy. They may be eliminated this fall unless Congress approves the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694).
For more on this story, check out the post over at LoCo Real Estate Musings. Here's an excerpt:
The Department of Housing and Urban Development apparently would rather eliminate these programs entirely than regulate them.
...the bottom line is that thousands of potential homebuyers will not be able to purchase homes if the programs are discontinued.
If you're a future home buyer that may be interested in utilizing seller-funded downpayment assistance programs such as Nehemiah or Ameridream, take the time to check out the links and make your voice heard.
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Apparently all the representatives in Congress just do not understand that by eliminating these programs, they are further jeopardizing the entire real estate market.
It would be nice if FHA gave us a true 100% loan.
It would be such a tragedy if these programs were completely done away with.
I agree that it would be a tragedy! However, it is definitely a reality if the American people just sit by and let it happen! It is one thing to talk or blog about it, but it is a whole different matter when you lay it all on the table, and actually contact your elected officials. I was able to do that at www.DPAGroundswell.org. I feel a whole lot better now that I feel like I have taken action. If you haven't visited this site and taken advantage of the opportunity, maybe you should now. We need these programs!
Hey! I have an update on the DPA situation. Check out this article that talks about a possible compromise between HUD and DPA: http://www.inman.com/news/2008/09/9/congress-weighs-reprieve-seller-funded-gifts. If you haven't taken the time to visit www.dpagroundswell.org, please do so! There is nothing like the voice of Americans raised together in one purpose to get things done! I want DPA programs to be around when I sell my home!
I have an update: check out this article that talks about a possible compromise between HUD and DPA! http://www.inman.com/news/2008/09/9/congress-weighs-reprieve-seller-funded-gifts. If you haven't taken the opportunity to visit DPAGroundswell.org, please do so and send a message to your elected officials. I think if we keep letting our voices be heard, we can truly save Down-payment Assistance Programs in America!
Great news! H.R. 6694, the bill that will save downpayment assistance, has been passed by the House Financial Services Committee, positioning the bill for a floor vote in the coming days. Visit www.DPAGroundswell.org for more details.
The clock is ticking but it hasn't run out! It's not too late to add your voice to the ever growing outcry against ending downpayment assistance programs in America. Go to www.DPAGroundswell.org Today!