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H.R. 6694 means Seller funded downpayment assistance is not dead. Yet!

By
Mortgage and Lending with SecurityNational Mortgage

The support for H.R. 6694 the bill recently introduced to revive seller assisted DPA is growing.

h.r. 6694Supporters include Jerry Howard, chief executive officer of the National Association of Home Builders, said the association supports HR 6694.

Also today, Nehemiah Corporation of America announced the launch of www.DPAGroundSwell.org, a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance (SF-DPA).

On the new site you will see an inpressive list of supporters, a countdown clock showing when the current programs like Nehemiah's will expire. You will also find links and information showing you how you can help, and where you can write to demonstrate your support.

To see the bill as introduced see my previous post.

If these programs are important to you get involved.

Do something.

Josh Pomles
Guaranteed Rate, Inc. - Cockeysville, MD
Branch Manager/VP of Mortgage Banking

We have to fight to keep this alive!

Aug 12, 2008 09:20 AM
Stephen Graham
Inactive - Atlanta, GA

Just implement 100% loans from FHA! Problem solved.

Aug 12, 2008 09:37 AM
Lee Walsh
SecurityNational Mortgage - Lake Mary, FL
Executive Talent Scout for Mortgage Professionals

Josh - thanks for the post.. please pass this information along to anyone that you think will help promote awareness.

Stephen.. thanks for the idea.. but I have to say it's the worst suggestion that could be made. 100% financing would cost the borrower thousands of dollars in increased rate and MIP costs.  The additional 3% in financing would add a tremendous financial burden on the buyer.

DPA is a system already in place, it works. It is a system where every one wins. The seller gets full price, and the agent(s) gets commission on a full price sale, the borrowers/buyers get assistance with their down payment and closing cost that is not a loan - it is a gift.

Aug 13, 2008 01:56 AM
Anonymous
Milissa Bertrand

I just wrote a letter to our state senate. Im a hard working single mother and i would like to get a house. I do not get any type of assistance from the state. Im just a hard worker. Its really hard to save money for a downpayment on a home. I took a course for first time home buyers to get knowledge on buying a home and now my dreams are coming to an end it seems. Please everyone, save DPA. I feel like the government would rather see us sit at home, collect welfare and be dependent upon them. There are some hardworking people like myself who are out there working to keep from going under. I want a home for my girls.

Aug 13, 2008 04:03 PM
#4
Anonymous
real estate

Check out the latest commentary from AmeriDream on downpayment assistance: http://www.baltimoreexaminer.com/opinion/111908opedashburn.html#comments

Nov 19, 2008 04:07 AM
#5