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New DPA Program? What a GREAT idea!! Check this out...

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Mortgage and Lending

There is a new (sort of) DPA program floating around, it is H.R. 600: FHA Seller-Financed Downpayment Reform Act of 2009.  This will be a VERY beneficial tool for qualified homebuyers.  The key here is qualified, not someone with a 550 FICO and a part-time job making $8/hr.

DPA is NOT what put us in the situation we are in, I personally used a DPA program to buy the home I live in back in 2001 and even though there have been good and bad years we still own it, have never defaulted on the mortgage...not even one late payment.  DPA was never the issue.  Some of the people who were allowed to use the programs shouldn't have been...then again some of those shouldn't have ever been qualified to buy a home.  Loose lending practices were a large part of the issue.

We're not here to talk about how we got to where we are today though, this is about the ability for good qualified people to be able to buy homes again with the assistance of DPA programs.

What's better about this is that it's not funded by the tax payers like the tax incentives that were available were!!!

Check it out, read about it, support it if you believe in it.  Just click the graphic below (it will open in a new window so you may need to hold down the CTRL button).

Want to comment and/or have a conversation about this, post a reply. 

Comments (1)

Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

Allan, thanks for pointing this out.  I appreciate your comment that DPA is not a causing factor in the current market flux, but I also appreciate your note that many people misused and abused the resource.  The possibilities are great - thanks again for pointing it out.

Jul 29, 2010 02:53 PM