Downpayment assistance - Is it really over?

By
Real Estate Broker/Owner with CENTURY 21 Key Realty

Down payment assistance programs are winding down. Beginning October 1, pretty much every homebuyer will need at least 3.5% as a down payment if they want to buy a home. As discussed a couple of weeks ago, the end of these programs will mean about 10% fewer buyers looking for homes here around Dothan. It also means what is already a tough market for sellers is going to get even tougher. There is really no other conclusion one can draw but to say that elimination of DPA programs is going to adversely effect the Dothan real estate market.

Legislation has been introduced that would bring back these programs. H.R. 6694 would regulate the programs instead of eliminating them. What can you do? Visit Rally for Home Ownership for information on contacting your legislators. Let them know you support down payment assistance and that right now is the wrong time to be eliminating something that means so much to our economy.

Here is a video that really brings to light the real reason for eliminating DPA’s. HUD wanted them gone.

h/t Jonathan Dalton of All Phoenix Real Estate and Jay Thompson, the Phoenix Real Estate Guy

Scariest sentence in the English language – “I’m from the government, and I’m here to help.”

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Comments (1)

Leigh H
1st American Heritage - El Lago, TX

Hey, I also wanted to mention to visit another website as well to rally for downpayment assistance programs to stick around. http://www.dpagroundswell.org/ The more we can get the word out  the better off the programs will be.

 

 

Aug 25, 2008 08:34 AM