The March to Washington D.C. - Taking back Down Payment Assistance Programs

 

Well, my mom always said that I should have been a politician. I said mom, I need money and I need to stretch the truth. So I turned the other way and now I am a loan officer of 16 years. I love every minute of it and...okay, most days...  But I soooo love helping people and helping people to experience the American Dream !!!  And now???  I want to play with the big boys.

Wait, what is this Jeff character talking about? Do you know that congress and HUD have turned down the down payment assistance programs?  Yes, it will be official as of October 1st, 2008. Now, some lenders have stopped sooner for the main purpose of hoping to sell that loan and to guarantee FHA funding of that loan. But some of us can still do the down payment assistance programs (DPA) until the cutoff date.

 

 

So, what's all the hoopla??  Well, there is a rally down at Upper Senate Park in Washington D.C. on September 10th at noon to support the down payment assistance programs.  There have been many that have opposed this program for several reasons and some that I understand and semi agree about. But there are so many more positives than negatives. And some of us want you, the public, to hear our opinion, and not just misleading, construed facts that have tainted these programs.

Now, don't misunderstand the fact that there are still down payment assistance programs that are still allowed. These are from your local townships, counties, and state funded programs. But many of them have some sort of restriction such as income limits, areas of approval (meaning some counties allow them and some don't), and many have some sort of repayment penalty.

 

What is this rally about?  Awareness.....  education... opinions.... and facts.   And this is a way for us, as Americans, to show our support and to tell the government and HUD that these such programs can still work. These programs that are sponsored by such companies as Nehemiah, AmeriDream, and so many others.  And it's a line up that you won't want to miss......

DPA Rally Program Agenda

12:00 noon: Welcome by Jeff Johnson

12:05 p.m.: Remarks by Congressman Al Green (D-TX)

12:15 p.m.: Remarks by Scott Syphax, Nehemiah Corporation of America

12:30 p.m.: Remarks by Real Families

12:40 p.m.: Remarks by Joy Jamison, NABMB

12:50 p.m.: Remarks by Dr. Ben Chavis, Hip-Hop Action Summit Network

1:00 p.m. : Remarks by Jeff Belonger

1:10 p.m.: Closing remarks by Jeff Johnson

1:20 p.m.: Q&A with any media outlets

1:30 p.m.: Rally concludes

 

Why is all of this important?  Well, I will give a brief outline, that is my opinion, to why we need to keep these programs up and running.

• the average person can't save much money in today's economy. High gas prices, higher food prices, and just that raising a family isn't cheap in today's economy.
• by utilizing this type of program, it can help you keep your savings in your back pocket, as an emergency fund
• fraud could run rampet if we discontinue this type of program. Come out to the rally and find out why.

 

Let's look at the Ripple affect.....  if someone needs to sell a home, but that 1st time-homebuyer can't buy it, they have to rely on someone that can. So, the house sits, the market could get a tad stale because of this. And as mentioned, the typical homebuyer that can't save the typical 5% or 10% down in today's economy???

 

Overall????   

Currently, Congressional Bill H.R. 6694has been introduced and we need our Senators to introduce a matching bill to oppose the more recent bill HR 3221. Please have your homeowners who have used DPA to obtain homes contact their National Senator's Aid on Housing or Legislature.  Sen. Lautenberg's aid is April Clark (202) 224-3224 and Sen. Menendez's aid is              Emma (202) 224-4744.

Encourage the Homeowners to share their story of how they achieve the dream of homeownership through Down payment Assistance programs.

Also, share the state and national financial impact the loss of DPA will have. The financial impact can be located at our campaign web-site: http://www.dpagroundswell.org/ .

 

So... what can be done?  Help us support this rally.  If you especially live in the Northern Virginian area, Maryland, or the D.C. area, please come out and share your support. If you are a family that has used the down payment assistance program, such as Nehemiah, AmeriDream, Genesis, or others, please come out and show your support. If you are a realtor, or a loan officer, or a lender...please come out. If I could get somewhat of a head count, even better. This will be nationally televised.  Please call me and leave a message at 888-835-1663 or e-mail me at jbelonger@ihmci.com  We need your support. And if you are someone that has benefited from these programs and you would like to speak at a future rally, which will be the 17th, please call me or e-mail me. I am very serious about this and we would love to hear your story.

For some of you that I have spoken to in the last 2 days, there will be another event 7 days from the 10th. But that will be mentioned on the 11th, so look for more information then, 

 

Support....show your support to help keep homeownership alive.....thanks

 

UPDATE as of 4:21 pm 9/7/08 - -  And for an excellent post on the details of why DPA programs are good... and a post that scraps the false statements of how bad DPA programs are and why, please read this by Ken Cook.  : Opposition of Down Payment Assistance

 

 

UPDATE as of 9/15/08    Here is a blog and a video from when I went to DC to talk about the DPA's.

Mr. Belonger goes to Washington.....               Video :  Here is a video of myself at the rally

 

 

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For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger

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Experience & Knowledge at its BEST !!!

 

 

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc