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No more DPA - Are you kidding me?
It is coming to our attention that "DPA's" - Seller Funded Down-Payment Assistance programs could very well be "outlawed" by Congress.  I am going to keep this blog both brief and for fellow Realtors others in the Real Estate community as well as the public because I know that there thousands of you out there feel quite strongly about the issue on both sides of the fence.  Feel free to add to this blog everyone's "justification" for the existence or the eradication of these programs.  We need to start a real dialogue - fast.
For the record, it is my understanding that the "high number of defaults and foreclosures" are "3 times as likely to occur" by people who used these programs 2,3 AND 4 YEARS AGO.  Folks, a LOT has changed over the last year, esp. since August when both the Financial and Credit world literally imploded (according to and thanks to Mass Media).  Lending standards have tightened considerably.  It seems that FHA is basing it's own potential insolvency (conveniently at the same time that Freddie Mac and Fannie Mae need infusions of billions to survive) on a 2005 report of foreclosures.  There are also, by the way, very responsible people ... more

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