DPA-Is it time to bring it back?
ByProblems 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
I think that to receive the personal loans from banks you should present a great reason. Nevertheless, one time I have got a credit loan, because I wanted to buy a building.