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downpayment assistance: $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues: Thanks DPA - 01/31/09 12:05 PM
Downpayment Assistance = Economic Impact I received a good amount of blowback after my last "Bring Back a Revised DPA" program post from folks who see DPAs one of the if not a major factor playing into our present housing situation. The argument that DPA as it "was" represented nothing more than a "money laundering" scheme is not one I can get behind. Did folks misuse the process by raising home prices to cover seller concessions? Yes. Do I support this practce? Absolutely not. This is but one reason some have for wishing to keep Downpayment Assistance programs out of … (1 comments)
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downpayment assistance: Nehemiah CEO to Hold Jan 29 Conf Call Re: HR 600 and Future of DPAs - Don't Miss This Call! - 01/21/09 06:33 AM
Downpayment Assistance - H.R. 600: Virtual Town Hall Nehemiah CEO Scott Syphax 12:00 Noon EST, Friday January 23, 2009 On Friday, Nehemiah sent an email to fellow DPA Supporters announcing the launch of DPAGoundswell2 which coincided with the introduction of H.R. 600, FHA Seller-Financed Downpayment Reform Act of 2009, by Representative Al Green (D-TX). H.R. 600 is the 2009 version of last year's bill (H.R. 6694) that would restore seller-funded downpayment assistance (DPA). The good folks at Nehemiah have set up a Virtual Town Hall Conference Call to discuss the future of DPA and H.R. 600 on Friday, January 23, 2009 … (3 comments)
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downpayment assistance: H.R. 600: Are Seller-Funded Downpayment Assistance Programs Back in Play? - 01/18/09 08:36 PM
Not yet. But... things may change!
Rep. Al Green [D-TX] introduced H.R. 600, to revise and reinstateseller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act.
Track the progress of this bill via RSS feed from GovTrack.us or visit the site periodically to stay informed. I'll also be posting updates here.
Note: This bill is in the first step in the legislative process. Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of … (6 comments)
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downpayment assistance: HR 600: Congress Introduces Bill to Inact Revised Downpayment Assistance Programs - 01/16/09 10:11 PM
Received this in my Gmail inbox this evening. Not sure what's up with this one. Can find almost nothing on it via Google. DPAGroundSwell2 was launched today to coincide with the introduction of H.R. 600, FHA Seller-Financed Downpayment Reform Act of 2009, by Representative Al Green (D-TX). H.R. 600 is the 2009 version of last year's bill (H.R. 6694) that would restore seller-funded downpayment assistance (DPA). Reformed DPA will help stimulate the housing market by providing working-class Americans with a path to homeownership and generate $150 billion in home sales this year. Purchasing a home now puts homebuyers in a position … (16 comments)
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downpayment assistance: There's Still a Chance to Reinstate DPA! - 11/10/08 10:01 AM
As you know, AmeriDream and other Down Payment Assistance (DPA) programs were eliminated October 1, 2008 due to the passage of H.R. 3221. You are probably asking yourself how Congress could eliminate these programs that are so critical to the stabilization of home prices and our economy.
We need you to take action! 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 and we need your help. Please call your Senators and House Representative today! Insist that the language in H.R. 6694 … (3 comments)
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downpayment assistance: Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement - 09/09/08 09:23 PM
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 downpayment assistance.
The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.
According to an Inman News article published today, Chairman Frank is quoted as saying "The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing," Frank said at Saturday's hearing. "That seemed to me to … (0 comments)
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downpayment assistance: HUD Publically Admits It Mismanaged FHA - 08/29/08 04:43 PM
OK - so that's the headline. However, this video is an eye opener. Just don't think the public at large is getting all the facts on this issue. Not nearly enough outrage out there.
Remember, HUD has still refused to release any of the records or information they say supports their stance against Downpayment Assistance Programs. They have also repeatedly refused to respond to requests by both Ameridream and Nehemiah - the nation's two largest DPA organizations - to impose strict guidelines as to how they should monitor their operations.
Let me say this again: Ameridream and Nehemiah asked HUD to … (6 comments)
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downpayment assistance: Central Florida Realtors and LOs: CALL YOUR US HOUSE REPS! - 08/29/08 08:56 AM
Support H.R. 6694 to Reform and Save DPA!
Contact Your Elected Officials Today!
President Bush signed H.R. 3221 Housing and Economic Recovery Act of 2008 into law on July 30, 2008. Included in this bill was the elimination of downpayment assistance (DPA) programs. Borrowers who are credit approved prior to October 1, 2008 can receive downpayment assistance and have their loan FHA-insured. While H.R. 3221 was intended to “rescue” the housing industry, the elimination of the DPA program will have the exact opposite effect of its intended purpose. Not only did it eliminate DPA programs, it also instituted a downpayment … (2 comments)
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downpayment assistance: Downpayment Assistance Programs Work! - 08/26/08 11:09 AM
I have been hearing a decent amount of criticism from folks inside and outside of the real estate industry re: Downpayment Assistance Programs. The sentiment seems to be that if folks can't cough up the FHA 3 percent (now 3.5 percent) downpayment for their home purchase - well, then thy don't deserve to have a home! What's more - HUD's consistent practice of casting a dark spector over DPA program participants comprising a significant portion of recent foreclosures is itself cast in a poor and sceptical light as HUD continues to REFUSE requests by Congress to release their actual data on … (6 comments)
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downpayment assistance: Downpayment Assistance Conference Call Podcast - Listen Here - 08/20/08 12:28 AM
Ok folks, here it is... the inaugural podcast for the Florida Mortgage Blogger website. I had the pleasure of speaking with Mr. John Lamberg, Florida Area Manager for the Nehemiah Corporation. John provided a wealth of information on how DPAs work, how Realtors and Loan Originators can use them to increase profits now, and added in some thoughts about how we can all make sure these programs stick around for the long haul! If you're at all interested in Downpayment Assistance Programs and their proven ability to positively impact your bottom line, you MUST listen to the SplashCast show provided below.
… (2 comments)
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Kevin Sandridge - Winter Haven Mortgage Broker
Winter Haven,
FL
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