You would have to be deaf, dumb, blind & locked up somewhere to not know that our country is going through and has been going through a "housing crisis" in large part due to the large amount of "lousy mortgage programs" that proliferated during our country's real estate "run up".
In the midst of all the craziness, a "recovery" has begun, led by "first-time homebuyers" obtaining 30 year fixed rate loans at very low interest rates. Just as we were gaining some momentum, Congress and our President, recently passed some legislation that will discontinue what we call DPA or Down Payment Assistance programs. Programs like Ameridream, allowed first-time buyers who have to meet all normal underwriting guidelines but who did not have "down payment" money set-aside, to obtain FHA loans. These programs are scheduled to end on October 1st because of the recent legislation that was passed.
Having realized that they may have been wrong, a new bill called H.R. 6694, the FHA Gift Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 has been introduced by Congressman Al Green, (Texas).
You can help the Housing Recovery by contacting your Congressman and Senator and letting them know that you are in favor of H.R. 6694 and in continuing the Down Payment Assistance programs and that you would like to see them pass H.R. 6694 on or before September 26th, 2008.
If H.R. 6694 is not passed prior to September 26th, as many as 25,000 FHA qualified homebuyers monthly, including many first time homebuyers, minorities and women, will lose access to homeownership opportunities,
Find out more about the urgency to act
If you are a first-time homebuyer and are seeking more information about buying a home with zero down, contact Lyle Plocher with Urban Connection Realty at 602 373 3725 or lyle@urbanconnectionrealty.com
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