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Nehemiah & seller-funded down payment assistance program meeting live on 1/23/09 @ noon

By Jeff Belonger

Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

January 20, 2009 04:50 PM

nehemiah program

Nehemiah Corporation is putting together a town hall meeting in regards to the seller-funded down payment assistance (DPA's) reform act of 2009 that introduces bill H.R. 600. This bill is last years version of H.R. 6694 and is being backed by Senator AL Green (D - TX).

If many have been following the news and my blogs since August 2008, you will understand that there has been very strong support for this bill. Right before the deadline last year, many members of congress came to an agreement and asked for certain things to be implemented. Such things as credit score requirements, which can be read about here.... Compromise to bill H.R. 6694

Scott Syphax, CEO of Nehemiah corporation will be heading up the meeting, with some important topics on the agenda. The main one is to have bill H.R. 600 included in the new stimulus package which newly elect President Barack Obama will be introducing in the next month or so. And if you have been following my blog updates about the down payment assistance programs, you'll know that I believe that there is a place for them and that they do work. It comes down to educating the borrower about homeownership and walking them through the steps.

Help support GroundSwell2 and help fight restoring the seller-funded down payment assistance program. Take a step as I did in September, and participated in the Nehemiah rally for DPA's.

Here is a blog and a video from when I went to DC to talk about the DPA's.

Mr. Belonger goes to Washington..... by: Patricia Kennedy Video: Here is a video at the rally

Let me leave you on this important note.... I am sure many of you have heard the negative feedback from HUD to as why these types of DPA programs aren't as good for our economy now. There was never a true and reliable independent company that did accurate surveys up until the very end, before the seller-financed DPA's were eliminated.

Ken Cook wrote this excellent post about myths and misleading facts ... please read : Opposition of Down Payment Assistance

Meeting time & date :

Friday January 23rd at Noon EST

Dial in #: 877-269-7289
Passcode: 13908

Space is limited.... PS... if you can't attend, I will have an updated blog with an audio recording. thanks

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Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Jeff: Contrary to the opinions of "some" in the marketplace... I think competent and well-thought-out DPA programs like the Nehemiah Program are essential to turning this market around. It will be a major plus for all... if this new program is adopted and becomes a success. Thanks for all you do... in general, and in this particular direction. Take care...

Jan 20, 2009 09:25 PM

Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv

REISA - 317-663-4173 - Indianapolis, IN

Thanks Jeff!

This is one not to miss. Thanks for the update and passcodes.

Tony

Jan 20, 2009 10:03 PM

Connie Harvey

Pilkerton Realtors - Brentwood, TN

Realtor - Nashville TN Real Estate

Jeff, I've been trying to follow this to see where it's going to go. I didn't click on your link to see your video yet and you didn't say in this post. Do you think it's a good idea for them to pass this? I've heard that it would really help reduce inventory in the lower priced homes.

Jan 20, 2009 10:39 PM

Connie Harvey

Pilkerton Realtors - Brentwood, TN

Realtor - Nashville TN Real Estate

Ignore that question. I had read your previous blog, had commented and everything. I'm not usually up this early!!

Jan 20, 2009 11:06 PM

Suzanne McLaughlin

Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN

Sabinske & Associates, Realtor

Thanks, Jeff. Great information. And, I passed it on to my mortgage guy. Wish we could use you here in Minnesota!!!

Jan 21, 2009 12:26 AM

C Tann-Starr

Tann Starr & Associates, Inc. - Palm Bay, FL

This is awesome! Looking forward to watching this develop. I hope we can get these programs back.

Jan 21, 2009 12:43 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

KAREN.... . I would agree with your statement for the most part. I wouldn't go as far as turning this market around, but I think it certainly would give a huge boost to this market just as a shot of addreneline would to a patient to help revive them. And thanks for the kind words....

TONY.... . my pleasure... I am looking forward to it also and hoping for some positive feedback.

CONNIE.... . trying to follow to see where it's going to?? In regards to my insight, I guess I left that out, because in most of my other blogs, I did give my own opinion... and the video even says it. But I did add two sentences to this post, so thanks. And yes, I think it would take many homes off the market. There are people that can buy and are qualified to make the mtg payments, just that they can't save the money.

CONNIE..... . lol.. that's okay... go back to sleep for a little... ;o) thanks for the support..

SUZANNE..... . my pleasure and I hope he finds it useful. And nope, not licensed in MN as of yet. But I can keep you posted. thanks

CAROYLN.... . yes it is... hoping that we do have some good news before the end of February, when all of this can come together. And thanks for the polite reblog.

Jan 21, 2009 12:48 AM

Rebecca Levinson, Real Estate Marketing and Online Advertising Consultant

Real Skillz-Clear Marketing for Your Real Estate Vision - Lake Geneva, WI

Jeff,

I appreciate your missive on behalf of education for consumers. Education is key in most everything. I have my own ideas about how people are educated and I will just save that:-)

I hope all of your efforts are on other consumer facing sites. Good luck to you in your quest.

Jan 21, 2009 03:09 AM

Bo Hussung

Bell Title /Triserv LLC - Nashvle, TN

Jeff, I can not be there, but am interested in the outcome nonetheless. So thanks for the info. I will check out the recording, unless you are aware of live stream.

Jan 21, 2009 03:58 AM

Michael Wayne Jackson

Coldwell Banker - Novato, CA

Broker - Seniors Real Estate Specialist Novato

This is great news Jeff, this should get us some more activity with the buyers.

Jan 21, 2009 04:29 AM

Brian & Marie Spray

www.DFWAreaRealtors.com - Action Realty Group - Frisco, TX

Frisco TX Realtors

Thank you Jeff for the information! I know if I pull up your blog I'll get pertinent and timely information! I hope they do bring back the DPA program, used correctly I don't see anything wrong with it!

Brian.

Jan 21, 2009 08:27 AM

Sheldon Neal

Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ

That British Agent Bergen County NJ

Jeff Thanks for the heads up and for the generous rebroadcast of the audio after the event - I shall look for that blog post.

Thanks as always for such terrific information

Jan 21, 2009 02:08 PM

Fran Gatti

RE/MAX Integrity - Medford, OR

Managing Principal Broker - RE/MAX Integrity

Thanks for bringing this to our attention. I didn't know there was a chance this program would be back. Let's hope.

Jan 21, 2009 03:35 PM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

REBECCA.... . I think education is the most important thing out there, besides honesty and few others.... and thanks, I hope this gets out there and that we can turn the corner for the positive... thanks

BO.... . no problem, that is what recordings are for... ;o) I will have something posted either late Friday or early Saturday...... and live stream? No, not familiar with it.. thanks

MIKE.... . I think it could get us a lot of activity with buyers... even with the lower rates. But even with rates in the mid 6's, this helped many..

BRIAN & MARIE.... . my pleasure and thanks for your support. So many of us hope they bring this kind of DPA back... and thanks for the kind and polite words...

SHELDON.... . no problamo... I love doing this kind of stuff and making people aware of what is happening. thanks

FRAN.... . again, my pleasure... you need to talk to a good loan officer that will keep you posted on these issues.. ;o0 Seriously, I enjoy this and thanks for stopping by.

Jan 21, 2009 03:52 PM