Down Payment Assistance - Is it really over?
August 19th, 2008 - Categories: Buying a home in the Dothan area
By: Charles Woodall
Managing Broker
http://www.dothanhomesearch.com
Down payment assistance programs are winding down. Beginning October 1, pretty much every homebuyer will need at least 3.5% as a down payment if they want to buy a home. As discussed a couple of weeks ago, the end of these programs will mean about 10% fewer buyers looking for homes here around Dothan. It also means what is already a tough market for sellers is going to get even tougher. There is really no other conclusion one can draw but to say that elimination of DPA programs is going to adversely effect the Dothan real estate market.
Legislation has been introduced that would bring back these programs. H.R. 6694 would regulate the programs instead of eliminating them. What can you do? Visit Rally for Home Ownership for information on contacting your legislators. Let them know you support down payment assistance and that right now is the wrong time to be eliminating something that means so much to our economy.
Here is a video that really brings to light the real reason for eliminating DPA’s. HUD wanted them gone.
h/t Jonathan Dalton of All Phoenix Real Estate and Jay Thompson, the Phoenix Real Estate Guy
Scariest sentence in the English language – “I’m from the government, and I’m here to help.”
Possibly Related Posts
- New FHA loan limits and an update on Down Payment Assistance programs
- Zero Down Payment Still an Option for Dothan Home Buyers
- Down payment gift programs are here to stay
This entry was posted on Tuesday, August 19th, 2008 at 7:29 am and is filed under Buying a home in the Dothan area. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Great blog! Thanks for spreading the word!
We sure do NOT need to lose down payment assistance!
Another website to visit for information about down payment assistance legislation is
www.dpagroundswell.org.
It has great ideas on what you can do to help save the American Dream! The more voice congress hears the better.