Good Afternoon, http://www.dpagroundswell.org/?redirect=1 click here to learn more about saving down payment assistance I have received a lot of e-mails and phone calls about H.R. 3221 The Housing and Economic Recovery Act of 2008. Among other things, this legislation eliminates Down Payment Assistance on FHA insured loans. Programs like the Nehemiah Program allow the seller of a property to make a charitable contribution to a non-profit which then donates the money to the perspective buyer for use as the down payment. . Down Payment assistance has helped millions of people buy homes and according to the Nehemiah corporation 40% of all buyers who have gotten FHA insured loans in the last year have utilized these programs. Can you imagine if 40% of all purchases that used FHA loans were to go away?? That will be devastating to the Real Estate market and economy as a hole...Especially here in the valley. Please take a moment and review this website and do what you can to save Down Payment assistance. On July 31, 2008, a new bill, the FHA Seller-Financed Down payment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) was introduced by several members of Congress. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored the bill that if passed and signed into law will allow down payment assistance to continue indefinitely.
Act Now! Contact your elected officials and urge them to support H.R. 6694 that allows down payment assistance to endure. Failure to act now will ensure the death of all private down payment assistance programs. Your Mortgage Consultant,
Bret A. Cohn
760-779-8136
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