SAVE DOWNPAYMENT ASSISTANCE!

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Save Dowpayment Assistance Now!

Support H.R. 6694 to Reform and Save DPA! Contact Your Elected Officials Today!

President Bush signed H.R. 3221 Housing and Economic Recovery Act of 2008 into law on July 30, 2008. Included in this bill was the elimination of downpayment assistance (DPA) programs. Borrowers who are credit approved prior to October 1, 2008 can receive downpayment assistance and have their loan FHA-insured.While H.R. 3221 was intended to “rescue” the housing industry, the elimination of the DPA program will have the exact opposite effect of its intended purpose. Not only did it eliminate DPA programs, it also instituted a downpayment requirement increase from 3 percent to 3.5 percent. This combination is a recipe for disaster and will further hurt the already crippled housing market.Preserve downpayment assistance programs for families who are credit-worthy, but lack the savings necessary to fulfill their homeownership goals, protect the already fragile economy, improve the current housing market, and save jobs.Currently, roughly 40 percent of the monthly FHA loan origination volume utilizes downpayment assistance to help lower-income Americans meet the previously mandated 3 percent downpayment requirement. It is estimated that 10-25% of potential homebuyers (approximately 50,000 nationwide) will have no way of securing homeownership with DPA programs. With the stroke of the president’s pen, millions of deserving Americans are now left with zero alternatives for attaining homeownership.In order to save downpayment assistance programs, we need to come together NOW to convince Congress to pass H.R. 6694 that allows downpayment assistance to continue indefinitely.On July 31, 2008, a new bill, the FHA Seller-Financed Downpayment 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 downpayment assistance to continue indefinitely.Act Now! Contact your elected officials and urge them to support H.R. 6694 that allows downpayment assistance to endure. Failure to act now will ensure the death of all private downpayment assistance programs!

Source: www.GetDownpayment.com
Reposted by Tracey Anderson
HB Charter Realty Group, LLC
Puyallup, WA
www.PierceCountyHomes.net
Info@PierceCountyHomes.net