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Down Payment Assistance Rescue H.R. 6694
By now, everyone, or almost everyone, is aware that the Housing and Economic Recovery Act of 2008 was signed into law by President Bush on July 30th, 2008.  The bill was strongly supported by the NATIONAL ASSOCIATION OF REALTORS® (NAR).  What many don't know is that NAR did not oppose SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT, a component of this bill that ripped away Down Payment Assistance Programs and increased the minimum down payment requirement of FHA buyers.  I have searched everywhere to try and find an answer to why NAR would not take a stand on this very important issue but with little or no success. Now... here's a bit of trivia for you.  It has been suggested that it was President Bush 1 who made DPA available to FHA buyers in 1999.  And while it is true that it was his son, President Bush 2 who embezzled DPA from the FHA buyers on July 30th 2008, in an attempt to place blame for the current mortgage crisis on DPA type loans, DPA actually got it's birth in 1996 when... reportedly... Nehemiah's founder, Don Harris, who is also a real estate lawyer, found a mechanism ... more

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