I have a drawer full of clients that, without Down Payment Assistance, would be in an apartment still.
I say this because, as DPA is a loophole in the system, it is a great way to get 100% financing for good people that truly need and appreciate the opportunity to own a home of their own.
I just wrote a post 10 minutes ago that was in response to an original "DPA is gone - oh well, let's be positive about it" - I thought I would share:
Here's 2 main reasons to get behind H.R. 6694:
1. FHA marketshare is reportedly over 50% right now, and according to FHA - DPA was involved in 40% of transactions. So we are to rely on Bridal registries, and Church or Employer "gifts" to supplement the giant reduction in otherwise qualifies applicants (families).
2. It has nothing to do with performance - FHA's agenda was to implement a 100% program that, as of 8-28-08, doesn't exist.
So, my proposition is to do both...let's be positive and adapt when necessary, but let's also take the reigns when we have the opportunity to make a difference. What can I say, I'm not the "grin and bear it" type of guy...Please write/email your law makers!
As always, I loooove FHA, but this could be huge - watch video from Ameridream www.HendrickTeam.com/SaveDPANow
Matt Hendrick - www.TexasFHAExpert.com
Comments(3)