Breaking News about Downpayment Assistance from Nehemiah Coporation

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Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement

Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.

The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.

According to an Inman News article published today, Chairman Frank is quoted as saying "The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing," Frank said at Saturday's hearing. "That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground -- and it will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD."

Thanks to the advocates of downpayment assistance, there is significant momentum in this direction. Nehemiah urges all supporters to continue their campaign to save DPA by contacting their Senators and request a swift passage of pro-DPA legislation.

Read the entire article:http://www.inman.com/news/2008/09/10/congress-weighs-reprieve-seller-funded-gifts

More exciting developments: join Scott Syphax, President and CEO of Nehemiah Corporation of America, for a 30-minute virtual town hall meeting on Thursday, September 11, at 10:00 AM Pacific / 1:00 PM Eastern. Visit the Events page on www.DPAGroundSwell.org for more information.

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Ambassador
538,829
Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTORĀ® - Charlottesville Virginia Homes / Horse

Thanks for sharing.  I had not heard this yet.  If it goes through it will help some first time home buyers get in the game.

Sep 09, 2008 02:30 PM #1
Rainer
129,115
Justin Ukaoma
Vizion KC - Kansas City, MO
Kansas City Real Estate Investments

Thanks as always for the updates Diego.  With DPA back we might acutally be able to turn this market around.  www.vizionkc.com

Sep 09, 2008 02:39 PM #2
Rainmaker
289,532
Kent Simpson
Realty One Group Mountain Desert - Tucson, AZ
Real Estate Is About People

Ah, Diego - you beat me by 7 minutes in posting this!  Good job... the more of us getting the word out, the better!

Sep 09, 2008 02:45 PM #3
Rainmaker
155,359
Garren Grup
John R. Wood REALTORS - Naples, FL
REALTOR, ABR, CNE,CDPE, GRI, Naples & Bonita Springs, FL

Thanks for the update Diego, that's great news for consumers and everyone in our industry!

Sep 09, 2008 02:52 PM #4
Rainer
22,779
Toni M. Rose
Prudential C. Dan Joyner Realtors - Easley, SC
Easley SC Real Estate

Great news, best I've had today! Can't wait to get on the horn to my Senators.

Sep 09, 2008 03:14 PM #5
Rainmaker
808,936
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Diego;

I heard the great news, I hope this would put some energy in the real estate market.

Anthony

Sep 09, 2008 03:18 PM #6
Anonymous
First tiem homebuyer

Awesome news!! I am going to start house hunting again!! Thanks for the info!

Sep 10, 2008 11:56 AM #7
Rainer
149,814
Freddy A. Saavedra
Essential Properties - Goodyear, AZ

Wow, I wonder if this is good news. I say wait a bit and see what happens with the current laws which will go into effect on Oct 1st, I have not seen the market slow down as much as I thought it would, so maybe, doing away with DPA was not a bad idea. but I really like the middle ground here as well.

Sep 11, 2008 10:19 AM #8
Rainmaker
180,116
Heather Fitzgerald
REALTY WORLD-Harbert Company, Inc. - Greenwood, IN
REALTOR Greenwood Indiana Real Estate

When does it go to the Senate for a vote?  And I had one lender mention new construction only, but I have not read that anywhere-any info?

Sep 11, 2008 02:52 PM #9
Anonymous
First Time Homebuyer

I'm purchasing a resale home, and in the Inman article, it said 'home builders', but I think it should have read 'home-buyers'.

Sep 13, 2008 07:40 PM #10
Rainer
83,602
Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS

Thanks for sharing.  I know that dpa programs can be very beneficial to everyone.

Sep 16, 2008 08:22 AM #11
Anonymous
First Time Homebuyer

This just in on dpagroundswell.org

Washington, DC - September 16, 2008
By: Nehemiah Corporation of America

A Bill that would save seller-funded downpayment assistance from being eliminated on October 1 passed the House Financial Services Committee today on a voice vote amidst strong bipartisan support. The Bill, The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008, or H.R. 6694, is expected to move to the floor for a full vote in the coming days.

Sep 16, 2008 04:01 PM #12
Rainer
184,561
Tina Merritt
Nest Realty - Blacksburg, VA
Virginia Real Estate

I really wish these DPA's would require credit & home ownership counseling and also require the buyers to save some money.  If not, the foreclosure rate for these buyers will continue to be higher than average.

Tina in Virginia

Sep 16, 2008 11:22 PM #13
Anonymous
First Time Homebuyer

I agree Tina about the Homeownership counseling.  Going through the process there is a lot to learn and know.  It is not the downpayment though that makes people go into foreclosure.  Everyone I know of that has or is losing their home to foreclousre had nothing to do with the downpayment. 

Sep 18, 2008 10:10 AM #14
Rainer
157,773
Michael Kitsch
Coldwell Banker - Katy, TX

 So, now that Nehemiah is gone, what are your favorite programs?  And, how is that working out?

Feb 02, 2011 06:04 AM #15
Rainer
157,773
Michael Kitsch
Coldwell Banker - Katy, TX

 So, now that Nehemiah is gone, what are your favorite programs?  And, how is that working out?

Feb 02, 2011 06:06 AM #16
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