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Will Down Payment Assistance return?

HI,

Last week the President signed H.R. 3221 also known as the Foreclosure Prevention Act.  There has been a lot of coverage about this, and of course a lot of debate on whether this will truly have any effect on the market, as well as whether anybody should be bailed out. 

What doesn't get the coverage, are the many other facets of the bill.  There are many aspects, positive and negative (depending on your perspective), but one that has received some outcry is the virtual elimination of Down Payment assistance.  DPA programs like Ameridream and Nehimiah have aided about 1 milion families since 1999.  These are not the problem loans like no down, no qualifiers that have caused all the turmoil, but loans for folks who don't have a downpayment, but are otherwise qualified.  A new bill was just introduced, that seeks to bring back DPA, with reforms.  Not having DPA, will undoubtedly stall any recover in the real estate market, as FHA loans have increased, in part due to more affordable homes and 1st time buyers taking advantage of the prices.

Check out the video below for more info, as well as these links for info on each bill.

Provisions of the "Foreclosure Prevention Act

H.R. 6694

 

 

Adam Tarr, ABR,ePro, Associate Broker
RE/MAX Excalibur
Scottsdale, AZ
480-483-3333
Adam@WeAreAZRealEstate.com

www.WeAreAZRealEstate.com

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