Welcome to the RealTown Real Estate Network!
Member Login | Join RealTown
The Real Estate Network

Downpayment Assistance Programs

Licensed Real Estate Broker

Lighthouse Point, FL

August 19, 2008

There are pros and cons to everything in life including this subject! :-) If you are on the pro side of reinstating down payment assistance programs you can go to sign the petition to help reinstate these programs.

http://www.dpagroundswell.org/

Warmest Regards,

Christina Henley

Licensed Real Estate Broker

Davie, FL

August 23, 2008

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


http://www.pattydasilva.com

CA

August 28, 2008

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!

CA

September 03, 2008

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.

Licensed Real Estate Agent

Ocoee, FL

September 07, 2008

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.

CA

September 16, 2008

Great news for DPA!

According to a recent article by: Matt Carter, Inman News, September 10, 2008:
"HR 6694 … is certain to pass the House of Representatives and has the blessing of the Department of Housing and Urban Development, Rep. Barney Frank, D-Mass., said at a hearing on foreclosures this weekend. The influential chairman of the House Financial Services Committee urged those attending a committee field hearing in Stockton Saturday to lobby the Senate -- which shoehorned language banning seller-funded gifts into HR 3221, the sweeping housing bill signed into law July 30 -- in support of the bill. Frank said the bill that would give seller-funded gifts a reprieve, HR 6694, has the support of HUD Secretary Steve Preston because it also addresses an issue near and dear to the department's heart -- risk-based pricing. HR 6694 … 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."
We're making progress here. Don't give up. Let's do what Rep. Barney Frank suggested … Contact your Senators TODAY!

Reply to Discussion

Please log in to post a reply to this discussion.