THANKS NEHEMIAH! THANKS MR. BUILDER.
RUMORS ARE THAT THE "GIFT FUND" PROGRAMS WILL BE RESURRECTED IN SOME FORM.
I have my doubts. It made too much sense. The benefits went directly to home buyers. The sellers voluntarily reduced their net proceeds in order to sell the property.
Seller's helping buyers is a market force.
Congress is not receptive to:
- Market forces
- Home buyer benefits
Why did Nehemiah disappear? It defies logic. Of course, some of the reasons could be:
- The gift fund programs didn't lobby Congress (political contributions).
- The benefits went directly to the home buyers.
- The funds were not government administered with bureaucratic cronies in charge.
- The gift funds increased the buying pool for homes for sale, new and resales.
- The program worked to benefit the consumer.
- The program helped reduce the inventory of homes on the market.
BELOW IS A SECTION OF THE HUD-1 from our last closing, October 1, 2008, with gift funds through the Nehemiah program.
The seller contributed $12,449.70. The property appraised for the full contract price.
The Buyers are very happy.
The Sellers (Lennar) are very happy.
The Real Estate Agent who sold the house is very happy.
Lenn is happy.
Nehemiah and Ameridream Gift Fund program makes a lot more sense to me than TARP.
The Gift Fund Down Payment Assistant programs worked because they help families buy homes.
ON ANOTHER NOTE: Did NAR lobby for this program? Or, is our money going to go to Move, Inc.?
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.