Well here I am back again - drumming up support for the down payment assistance program - 
Nehemiah. I guess HUD has nothing better to do than to keep picking on Nehemiah and trying to get it shut down. But why?
Let's Support the Nehemiah Down Payment Assistance Program - help it stay alive!
- Get educated on how Nehemiah can help with a purchase - be the agent in the know!
- Educate sellers of the benefits
- Educate home buyers of the Nehemiah benefits
- Sign up as an agent for Nehemiah
- Put your listings on Nehemiah website
- Get free signs, brochures and flyers from Nehemiah
- www.getdownpayment.com
What does Nehemiah offer?
- Up to 6% of the final contract sales price for down payment and/or closing costs.
- Available for first-time and repeat homebuyers.
- Approved for new construction and resale homes.
- No geographical restrictions.
For almost every Nehemiah gift - there is a FHA loan, so what is the big deal. Nehemiah has helped to give the FHA loan a boost. I say "almost" because according to some of my fellow loan officers I hear that Nehemiah can be used with conventional loans as well. Although Nehemiah is California based, it is a nationwide down payment assistance program.
I believe that Nehemiah should be left alone and be able to continue to offer assistance for those that use it for down payment assistance. The program is successful in helping homebuyers. The program is for a good cause so there is no legit reason to keep trying to punch holes in it.
HUD is trying to destroy all down payment assistance programs but the main one is Nehemiah - because they fought back against HUD. Why must we destroy everything that is good?
Show your support for Nehemiah in every way you can. Lets keep moving forward, not go backwards.
**************U P D A T E !***************
a new bill, The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 was introduced by several members of Congress on Thursday, July 31, 2008. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored this bill that if passed and signed into law will allow downpayment assistance to continue indefinitely.
Scott Syphax, President and CEO of Nehemiah Corporation of America praised this group earlier today.
"Maxine Waters, Gary Miller, Al Green and Christopher Shays have demonstrated the willingness to understand all sides of this issue and the courage and leadership to follow their conscience. All those who understand the importance of working class American's having their shot at homeownership, need to work together to encourage our elected officials to pass this bill."
Click here to help and contact your local elected officials, http://capwiz.com/nehemia/issues/alert/?alertid=11598811
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I have to disagree. Nehemiah and all the other programs have been a sham since the beginning. In our market we added the 6% onto the property price for Nehemiah, thereby inflating the price. You actually started with a mortgage balance higher than the market value of the property. How can that be good?
What we need is an FHA with a lower down payment, maybe 1%. I think there needs to be something down, some skin in the game, so to speak or there is nothing to lose and it becomes too easy to walk away. I think there needs to be an affordable way for lower income buyers to buy, just not the down payment gift companies. And yes, I do sell most of my homes under $125,000 so I have skin in the game also.