Can we save Down Payment Assistance

Posted by Steve Dalton / Category:

Support New Bill (H.R. 6694) to Reform and Save DPA!

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Dear Gerardo,

As we mentioned earlier this week, the President signed H.R. 3221, Housing and Economic Recovery Act of 2008, into law. The bill contains a provision (SEC. 2113) that forbids FHA from insuring mortgages in which the downpayment comes directly or indirectly from an interested third party (such as the seller), beginning October 1, 2008. As of this date, the minimum downpayment will be increased from 3% to 3.5%.

We are pleased to announce that 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 on Thursday, July 31, 2008. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored this bill that if passed and signed into law will allow downpayment assistance to continue indefinitely.

Scott Syphax, President and CEO of Nehemiah Corporation of America praised this group earlier today.

"Maxine Waters, Gary Miller, Al Green and Christopher Shays have demonstrated the willingness to understand all sides of this issue and the courage and leadership to follow their conscience. All those who understand the importance of working class American's having their shot at homeownership, need to work together to encourage our elected officials to pass this bill."

"There are dire consequences to America waking up on October 1st without downpayment assistance. In fact, 300,000 working class families will be locked out of homeownership in the next year alone."

In order to save downpayment assistance, we need to come together NOW to convince Congress to pass H.R. 6694 that allows downpayment assistance to continue.

2 comments:

firsttimehomebuyer said on September 16, 2008 at 2:25 PM  

Congress is reviewing this bill today. Can go to dpagroundswell.org for more information.

briefs said on September 19, 2008 at 11:46 AM  

I didn't hear anything in all the fog of "bailout week"

Did the House vote on this bill yet?

Did any Senators step up to sponsor?