Archive for Just Talking
DPA-Is it time to bring it back?
Posted by: | CommentsProblems with Housing? How do we get the ball rolling again? HUD asks themselves what can we do?
Seller Funded Down Payment Assistance! DA! H.R. 600: FHA Seller-Financed Down Payment Reform Act of 2009.
HUD and some non-mortgage, non-real estate industry people fought and successfully killed the “DPA or Down Payment Assistance programs.
Was there a down payment-Yes. Seller provided it out of their equity. House still needed to appraise. My only guess is that they killed it because there was no way to skim money off the top. What did it cost tax payers? Zero, Nada, Nothing, $0.00. $8,000 tax credit? Cost us the tax payers $8000 and the person getting the tax credit got cash? Hmmm? Our politicians and talking heads in the media still don’t get it and they wonder why we are still struggling.
The reality of housing is it is always about jobs, jobs, jobs! It does not matter if you put zero down, 3%, 5%, 50% cash down on your house. Once you loose your job, you lost your job. You are not getting any of that money back. If you don’t have a job, you can’t make any payments!
There should be a class when they take office. Basic constitution and how our economy works.
http://www.thinkbigworksmall.com/mypage/archive/1/52128/
Steve Hillyer
Extended Deadline for TAX Credit
Posted by: | CommentsAs I mentioned last week Congress is working hard to pass a bill that would extend the deadline on the Federal Tax Credit.
On June 16, 2010 the Senate passed this amendment to extend the closing date deadline of the Home Buyer Tax Credit to September 30, 2010. (You still had to be under contract by April 30). So this will only help those who are being detained by the banks dragging their feet or some other obstacle. The vote was 60-37. The entire bill the amendment is attached to has not yet passed the Senate. The House passed the bill previously. Once the BILL passes the Senate, the differences between the House and Senate versions must be reconciled, then the House votes on the reconciled bill and then, and only then, it would be delivered to the President to sign into law. So, it could still take several days if not weeks before we have a definitive on this bill. Although, this could be good news for people who would otherwise loose the $8,000 due to unforeseen circumstance; it is not the kind of bill that will help first time home buyers who do not already have a house under contract.
Steve Hillyer
