There has been much conversation lately about the demise of the down payment assistance programs – primarily the Nehemiah Corporation. This type of program has been a true benefit for many that have wanted to purchase a home of their own.
Now, some may say that if a person needs down payment assistance then they have no business buying a home. I could not disagree more. And this is why:
- Being short on down payment funds does not mean unable to afford a home.
- Down payment assistance can help lower the interest rate by increasing the percentage down – thus helping the purchaser.
- For someone starting out in a new home the purchase of furniture and appliances is often necessary. Not possible if all reserves are stripped for a down payment.
- For young families, the down payment assistance programs help them become homeowners and provide a stable home for their children.
According to the Groundswell website, HR6694 passed the House Financial Services Committee on September 16th and is headed to the floor in the next few days for a full vote.
The Groundswell site also has a video of the discussion that took place in committee. Quite enlightening.
Let’s all keep our fingers crossed that this valuable tool makes it through a floor vote.
Our industry certainly doesn’t need anymore setbacks.
Carol Smith
Casmi Photography
Mebane, NC 27302
919-418-6549
casmiphotography@triad.rr.com
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I have personally assisted many first time home buyers to purchase using DPA. I know of many families who just would not have been able to buy without that program. Like you said, they can afford the home, but they have a problem saving up for the down payment. I'm truly praying that the DPA will continue to help first time home buyers have the opportunity to own their homes. GBU, my sister!!