Speak NOW or forever hold your piece.... of real estate!
I have blogged on this topic many times here lately and I urge ALL my readers to contact your Congressperson NOW and support HB6694 to keep Seller-funded down payment assistance programs. There are so many issues that are currently clouding the mortgage industry, that I read recently that some 55% of buyers that could qualify for a mortgage last year can't now due to changes in the system (loss of DPA accounts for portion of these numbers).
So make it a point to at least call or email your Congressperson, better yet make a visit to their office! If we can keep these programs in place, I feel this will ensure a quicker housing recovery! Please help!
Why should the elimination of Downpayment Assistance Programs with the signing of the Housing and Economic Recovery Act concern YOU?? READ THIS, BECAUSE THEIR IS STILL HOPE AFTER OCTOBER 1ST!
I think we could agree that the housing industry is currently in a national... shall we say, "slump", right? And why is that? Because we have more sellers than buyers. So where can we find more buyers? hmmmm... renters maybe?? Yet 30% of all renters aren't buyers due to lack of down payment.
And here's how that affects EVERYONE whether they own real estate now or might want to in the future:
1. Renters can't buy starter homes because they don't have a down payment.
2. Move up buyers can't buy bigger because they can't sell their starter home.
3. And luxury home buyers can't enter that market because they can't sell their homes either!There should be other reasons we want first time homeowners to have the ability to own homes besides our own desire to sell ours, though. Please read the summary of the report done by John Hopkins University covering The Effects of Home Ownership on Families. This report covers everything from the educational and income impact to teenage pregnancies!
BUT there could be a light at the end of the tunnel that you need to know about: HR6694 is the bill that was introduced to the House trying to bring back DPA, the very next day after President Bush eliminated all seller assisted down payment assistance programs with the signing of HERA.
Believe it or not, we are still debating whether the down payment assistance program is really going to be GOOD for the housing industry?? To see what other opinions on the subject are, go to WashingtonWatch. This site also allows YOU to cast YOUR vote on the subject. It also contains links to the bill, and links to your representative.
And if you're still not convinced whether or not to take action, go to: www.rallyforhomeownership.com to get the facts on the issue. (By the way, some of those in congress believes that DPA was the cause of 28% of the FHA foreclosures. HOWEVER, did you know that FHA didn't even track the source of down payment beyond "gift" until recently? Hello?)
YOU need to get involved NOW. Please call your Congressman and plead with them to support HR 6694. OH! And tell your friends and family to do so, too!
(NOTE: they reconvene on September 9th and the target adjournment date is September 26th. That means there is only 18 days for them to pass this bill before the Housing and Economic Reform Act kicks in on October 1st eliminating the program.)
I read this earlier this morning (http://activerain.com/blogsview/661557/Real-Estate-One-Liners):
The dream of the older generation was to pay off a mortgage. The dream of today's young families is to get one.
Is that funny?
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