As most of you are aware, Downpayment assistance programs like Nehemiah and AmeriDream were abolished on October 1st, 2008. I supported HR 6694 in favor of downpayment assitance programs last year and received an e-mail update today, which reads as follows:
"January 12, 2009
We have been informed that a bill to reinstate reformed downpayment assistance will be introduced as early as tomorrow. The bill is expected to be introduced by Congressman Al Green (TX) with bipartisan support. The bill will have the same language as unanimously passed last year by the House Financial Services Committee.
We will keep you informed as we continue to support efforts to reinstate downpayment assistance.
I found AmeriDream to be a great tool to help credit worthy first time homebuyers get into a home of their very own. My customers that took advantage of this program are current on the mortgage and thrilled to be away from throwing their money away on rent. They started out in a reasonable, qualified price range that wasn't beyond their means. I understand there are a lot of economic problems, those defaulting on mortgages, lenders extending loans to those who never should have qualified, but now that the lending guidelines have become stricter and less forgiving, I'd like to see downpayment programs being extended to deserving individuals again. We need to kickstart this economy back into action. AmeriDream is a PRIVATELY FUNDED Housing Program that is not the burden of tax payers.
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A portion of all my closed transactions will be donated to the Alachua Co. humane society!
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