DPA or Down Payment Assistance has been a major concern to many of us agents who work with first time home buyers or those individuals who require some assistance but may have a good credit back ground. In a rural location selling homes, USDA Rural Housing has been very good to the first time buyer by now providing a 100% loan. At this time this is the only program available that will help with down payment.
I have been hearing from some mortgage brokers that the DPA programs are trying to raise its head. After being proided a link to check out the lastest information on DPAgroundswell.org, I wanted to share it with others who may be interested and haven't heard about i yet.
This link http://www.dpagroundswell.org/index.cfm will take you to the DPA Ground Swell and give information regarding the down payment programs and the effect on the current economic conditions. According to a senator in TX, there is minimal success rate in those individuals who put down their 3% and those who receive 3% in funding from non profit organizations such as Neimiaeh.
Check out what the information provides and send a letter to your congressman if you think we should keep the down payment assistance programs.
I feel that these programs can provide a boost in the current real estate down turn and help to bring back buyer confidence.