CONGRESS MOVES CLOSER TO BAN ZERO-DOWN PAYMENT PROGRAMS
Elimination of Down Payment Assistance (DPA) has already passed in The Senate and a vote in The House is expected to pass and be signed by the President this week!
Talk about building urgency! This is legitimate and a real concern; no more DPA as early as this week!
Do you think this is fair or good for the US economy? tell me your opinion, and why!
HELLO STEVE!
Quite naturally, I think this is going to hurt - lots of folks. I've heavily relied on the DPA. So those folks who need it, now what?
Any time they take away the ability to stimulate the economy, it hurts us all.
All the best,
Steve,
Thanks for the post. All too often, the knee jerk reaction causes the pendulum to swing completely the other way, an all or nothing approach. Clearly there is potential for abuses with every loan product. Does that me loans should be eliminated, no. However, better safeguards would make for a better product, allowing those who really need it, the opportunity to use it.
I hear ya Yvette.... not to god for 1 st time buyers
Federal Government should regulate the banking industry....that would be a start
this is going to wreck the real estate sales in many states
Steve, Very scary stuff! The last 4 buyers that I have worked with have used down payment assistance programs to get their first homes. For these buyers, at this point with our uncertain economy, this is the only way they would have been able to get into their new homes.
I hear ya sandy...this could adversely affect the housing market substantially
Steve - that just made my stomach turn. I live and work in a very rural area and many folks utilitze DPA with no problem at all. Talk about knee-jerk. This could really be devistating.
STEVE - Just another case of throwing the baby out with the bathwater. How about making sure that people are qualified for the product that are applying for. This is like when the Jumbo rates jumped overnight because they were non-conforming loans. Nevermind the fact that many of these borrowers were infinitely more qualified for their loans than the people that fit into a "conforming" loan.
being the optimist I am Adam, I am waiting to see if there will be new programs out from freddie mac or fannie mae that will help this situation.
For us who are planning to get the offplan, we still can have 10 months more time to pay back the loan for DPAP...we just rely on DPAP so we can buy property in a good sites.. so pls. pls pls. dont ban it...nowadays its hard to save money while we have on the other end the renatl payments.... thanks!