It's enough to turn you into a Libertarian!  Thanks for the alert.

I am sorry about the links, I'm still looking for a better place to comment directly to the government.  Anyone have a better link?

The federal government doesn't want to stop seller assisted down payments or closing costs or anything else.

They just haven't figured out a way to stick their grubby paws in the buyer and seller's pockets to tax the money.

Patricia, just at the time that all we hear about is the housing bubble or meltdown, the government looks to eliminate a sizeable portion of the potential home buyers?  Makes zero sense to me.

Lenn, I love your humor, and hate the fact that you're probably not to far off.

I guess I missed hearing about this one.  Thanks for bringing it to my attention and hopefully the links will start working soon.  I personally have not had many buyers that have used Nehemia but it is a wonderful tool when the opportunity is needed.  I'm sure the government would like to figure out a way to tax someone on this down-payment monies.  If there's a way, it'll eventually be found.

Steve:  Thanks for bringing this to our attention.  I just submitted my comments electronically and also had it sent to 6 friends.  The take action link is working right now!! 

Steve - Thanks for the update - the link worked for me and I have submitted my comments!

I thought this would go away years ago.  Seems like it should be the clients own money for DPA if thats the way FHA wants to make sure their loans are more solid, but I wish we could keep it.   Helps many people that normally wouldn't be able to own a home.

Anything that increases home ownership, be it no down payment or rent to own or down payment assistance, is important.  Just think how much money the government wastes in tax dollars trying to help people buy homes.  This doesn't cost the government a single penny, and yet they want to try and eliminate it?

Howdy Steve

Congrats!

You have made a very good and helpful post.

The twin necessities of down payment combined with closing costs has proven to be the largest hurdle to home ownership that I've discovered in my neck of the woods (Arizona) .... leaving many potential home owners in the unhappy perma-renter zone.

I think there are still a lot of changes that are going to be made and they won't all be good ones either. There are a lot of changes that are potentially "in the works" for closing companies, too. They say it's for the buyer's benefit, but it will only potentially complicate things further unfortunately.

Thanks for the information

Dale, Chuck, and Stacy, thanks for your comments and thoughtss. 

Recently I was contacted by people with connections with the new Secretary of HUD, they needed a press press laison.  I was flattered of course, but coulnd't even think about a six month committment away from my family in DC.  I'm worried that this new head of HUD though is missing a lot of important input.  I hope someone gets close enough to catch him up on what we really need out here.

There are some organizations in our state that are actively involved in some aspects of what you are referring to. I am hoping that it will make a difference.

Steve 

The government doesn't want to eliminate assistances of homebuyer's down payments they want to control mortgage fraud.     

Depending on your average sales price in your market FHA is an excellence source for mortgages and will approve documented down payment assistances. Also consider VA financing veterans can finance 100% of the selling price.   

Good luck

Lou