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ameridream: Down Payment Assistance Needed - Call Congress for upcoming lameduck session - 11/10/08 06:41 AM
With all the misspent funds for the $700 billion Bucks for Banks program now well underway, we are still left with millions in home inventory and millions of prospective home owners unable to buy because of a lack of down payment.
Congress will meet next week and look at economic stimulus. The approach will be to spend more money.
If housing is at the center of the problem, it is time to take another look at proven programs that do not use the US Treaury.
Restore 100% conventional programs - My Community, FNMA Flex, Freddie 100, Home Possible, Community Reinvestment Act programs. I have … (8 comments)

ameridream: is downpayment assistance lost in the push for $700 billion bail out? - 09/22/08 11:05 PM
Meanwhile back at the down payment assistance ranch, time is running out. The consensus is that the legislation will pass the House floor vote. Many had thought it would go to the House floor by now. Likely the debate over the $700 billion bail out of the global financial markets has pushed the consideration of the Down Payment bill, HR 6694, back on the agenda.
Even if the bill can pass the House vote, the word that I am getting is there is no support in the Senate. An Ameridream state representative told me today that efforts are underway to find sponsors for … (13 comments)

ameridream: Down Payment Assistance Rescue H.R. 6694 - 09/18/08 08:58 PM
G-II has posted as good a survey and presentation of the facts of DPA as I have seen.

Here is another of his posts on DPA that should be read. http://activerain.com/blogsview/692021/Part-2-Down-Payment
Thanks,
Richard

Via G-II Varrato II:
By now, everyone, or almost everyone, is aware that the Housing and Economic Recovery Act of 2008 was signed into law by President Bush on July 30th, 2008.  The bill was strongly supported by the NATIONAL ASSOCIATION OF REALTORS® (NAR).  What many don't know is that NAR did not oppose SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT, a component … (4 comments)

ameridream: DownPayment Assistance Conference Call with Nehemiah CEO Scott Syphax - 09/18/08 09:28 AM
Scott Syphax, Nehemiah CEO, held a conference call yesterday to discuss the legislative status of seller funded down payment assistance. Almost 9000 industry professionals joined in the call.
He congratulated every one who made a call or sent a letter to the elected representatives. He stated unequivocally that the volume of calls and letters made the right impression.
Basically, it is likely that HR 6694 will pass the House. The bill though may find difficulty in the Senate and possibly with the President.
Mr Syphax called for a new round of letters, emails and calls to all elected officials. The new … (16 comments)

ameridream: Seller Funded Downpayment Assistance not done yet? - 08/03/08 07:17 AM
Evidently the final word on seller funded down payment assistance for FHA purchases has not be said. It had surprised me that this week had passed with not word from any of the DPA programs after the Housing Bill had passed Congress and eliminated seller funded DPA.
Friday night I received an email from Ameridream announcing somewhat optimistically "Congress to Reauthorize DownPayment Assistance."
Quote taken from Ameridream email - in italics. Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership … (15 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343

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