Downpayment Assistance Programs

Hi Christina,

Thank you so much for the link.

The removal of the Down Payment assistance program is going to have a terrible effect for home buyers and the struggling real estate market. The unwanted consequences of HR 3221 have to be remedied, so let's spread the word about HR 6694 to reisntate the Down Payment Assistance Program.

Our families and communites need this help.

Help lots of people and have a great day!!!

Patty Da Silva, CDPE©
CERTIFIED DISTRESSED PROPERTY EXPERT©
Licensed REALTOR® & Mortgage Broker

305-244-0609

http://www.pattydasilva.com

Thanks for posting this information. Downpayment Assistance is such a great concept for single moms like me with a good job but no fat savings account. I visited www.dpagroundswell.org. Their website is so informative and helpful. I've written my letters to Congress and encourage everyone to do so!

Thanks for posting this information. Downpayment Assistance is such a great concept for single moms like me with a good job but no fat savings account. I visited www.dpagroundswell.org. Their website is so informative and helpful. I've written my letters to Congress and encourage everyone to do so! We cannot let this vital program disappear when it has helped so many deserving families.

I agree with Christina regarding the pro's and con's of dp asst. On the 'pro' side, unless a first time home buyer can BUY, the seller can't move up, and the house they would have purchased stays unsold... so it is much like a game of dominoes. That is the way the food chain (real estate game) works. It's supply and demand.
Having said that, the 'con' side is that there are many different first time home buyer programs. Some are good, some are not.

I just sold one of my listings to a 1st time HB who used a program which required my sellers to come to closing with over $40K. Not many sellers are in a position to do this, and I was totally against taking the offer because in a matter of a few weeks their house would probably have sold at full price to someone not using this program.

How does that help a first timer if most sellers won't jump thru the hoops? I believe in grants, lower interest rates, etc. but how many of your sellers would sell their house and actually bring over $40K to closing?

It was also a longer escrow, more paperwork, and basically a nightmare to deal with. I think what needs to happen is reform. Not do away with it but make it easier on all parties and not so expensive. If someone can do THAT - well, then they would get my attention.
The buyer in this particular transaction paid a higher interest rate, basically had to forego a lot of what they would have had in the way of terms, had they NOT used this DPA program.

It's another mtg mess ;-) Maybe the powers that be should do a survey of Realtors to see what we think the solution should be - after all, we are the ones in the trenches doing this and trying to help both parties.

ahhh, but THAT would be too easy.

my .02 but there has to be a better way, I just don't think the politians have a grasp on our industry and how it affects the economy. Perhaps we should all contribute more money to pac so NAR can educate them? hmmmm...

Quoting marie mcd:

Thanks for posting this information. Downpayment Assistance is such a great concept for single moms like me with a good job but no fat savings account. I visited www.dpagroundswell.org. Their website is so informative and helpful. I've written my letters to Congress and encourage everyone to do so! We cannot let this vital program disappear when it has helped so many deserving families.

Great news for DPA!