The House Financial Services Committee adopted H.R. 6694, legislation designed to reauthorize and reform down payment assistance programs the Bush Administration banned in July.
A last-ditch effort to stop the Oct. 1 ban on the use of seller-funded down-payment assistance with FHA-backed loans is gaining momentum as a compromise bill that would reform rather than end the practice of down payment assistance.
HR 6694 would allow qualified borrowers with credit scores of 680 or above to use seller-funded down-payment assistance on FHA-backed loans. T
The bill still needs to be approved by Congress and President Bush.
Today's committee vote was a positive step toward preserving down payment assistance, but it's far from over. Now more than ever, members of Congress need to know Americans are watching their vote on H.R. 6694.
I encourage everybody to tell their representatives in the House and the U.S. Senate that a vote for H.R. 6694 is a vote for the next generation of homeowners.
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