Comments on: New Bill Might Save Down Payment Assistance – Bill H.R. 6694

By: fun

fun — Thu, 02 Oct 2008 05:27:07 +0000

I agree with Chuck DPA is needed contact your local Senator and State Rep.
DPA has been a valuable tool for many homebuyers & it should be continued.

Support DPA!

By: Chuck Webb

Chuck Webb — Mon, 29 Sep 2008 17:37:04 +0000

Also in support of Bill H.R. 6694 are the National Association of Realtors and the National Association of Mortgage Bankers. FHA estimates that 37% of all FHA loans use DPA funds. Here is a program that works without taxpayer money and helps promote the \\"bottom up\\" nature of the housing industry. If first time home buyers cannot get into a home, the market will not operate. Therefore, it is vital we have legislation in place to support \\"main street\\" taxpayers and, at the same time, stimulate the housing industry. Please take a moment to write your Senator and Rep and tell them to vote YES for DPA.

By: tylerosby

tylerosby — Mon, 25 Aug 2008 01:20:52 +0000

@ Brian – I’ve heard the same thing from multiple lenders. It all has to do with being able to sell the loan off on the secondary market. If HUD (who purchases FHA loans) places a cut off for certain banks, this would be the reason.

My primary bank has not instituted anything before October 1st…. YET. I don’t see it changing, but ultimately, there is a decision maker siting somewhere. That decision maker is not me

Thanks for joining the conversation Brian!

By: Brian Heins

Brian Heins — Thu, 21 Aug 2008 04:10:47 +0000

Most lenders are changing to NO DPA\\\’s as of Sept 1st instead of waiting until October 1st. I don\\\’t know why the hurry, but even if the bill gets past, I wonder how long the lenders that have instituded the NO DPA law Sept 1st will take to change back to accepting the DPAs?

By: Dru Bloomfield

Dru Bloomfield — Mon, 04 Aug 2008 03:02:25 +0000

Thanks for sharing this new info, Tyler. I’ll be tracking here to see what you learn as the week progresses.