Home : Blogs : Bernie Germani : Bernie's Blog

Downpayment Assistance Programs in Danger of Elimination!

We need all mortgage professionals to help out with this.

TAKE ACTION NOW

Downpayment Assistance Programs in Danger of Elimination!

The Department of Housing and Urban Development (HUD) has re-issued a proposed rule that would eliminate all private downpayment assistance programs.

As you know, Nehemiah has a long history of successfully protecting and advancing homeownership opportunities for homebuyers. For over 10 years, we have worked together to help more than 290,000 families achieve their homeownership goals. Together, we can defeat HUD's proposed rule.

Act Now! We Have One Month to Stop This Action

Speak up now! The proposed rule comment period ends on August 15, 2008. Making your voice heard is simple. Submit a comment through our website and let Federal housing officials and your congressional representatives know how you feel about preserving private downpayment assistance as an option for today's homebuyers.
Your Trusted Source

Nehemiah will continue to be your trusted source of information on this important matter. Visit our website www.getdownpayment.com for up-to-date information and register to receive future email updates as they become available.

Thank you for your continued support. Should you have any questions, our Customer Service Department is available at 877-634-3642 from 9:00 a.m. - 8:00 p.m. EST to answer your questions.

Posted by Bernie Germani on 07/14/2008 04:12 AM

Comments (4)

nehemiah in danger of elimination

Post is included in group: Mortgages
Post is included in group: True Mortgage Professionals
Post is included in group: WordPress Blog
Post is included in group: CMPS
Post is included in group: Mortgage Originators

4 Comments on Downpayment Assistance Programs in Danger of Elimination!

JUL

2008

Unfortunately I think it should be gone. People should have to save to buy a home. If they can't buy a home with 3% down they should be buying a home.

It is better for the real estate industry if it is gone. Sorry, but it is part of our problem with foreclosures and for the first time that I can remember I agree with HUD

I think it should be saved but there should be some amount of reserves required which as of now there is none. If someone had 3% saved and was able to use this program and save that money for life/home emergencies instead of having it tied up in equity there would be less chance of foreclosure or bankruptcy. Furthermore, if these programs were used predominantly from 2003-2006 the amount of foreclosures would be way down...FHA offers fixed rates. The problems we face now was b/c of greedy lenders looking for buyers whom darn well could not afford that mortgage in the first place and had them "state" their income and got them that mortgage at a teaser rate.

I third Russ & Dennis! As much as I want to get deals done, I would rather the people to work toward the goal of homeownership by hard work & saving. It's kind of like the chicken emerging from the shell; if they don't work for it and are assisted they will not survive.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?