FHA Loans and FHA Mortgages

Down Payment Assistance Programs - To include Nehemiah programs, AmeriDream programs, and many others, have been labeled to be finished as of October 1, 2008 by Congress. In this post, I wrote about the reasons and perceptions to why HUD and the government feel that they need to ban these types of programs.  Please read : Nehemiah & Down Payment Assistance programs done? Is this true? - Urgent Urgent - 

What has happened since Congress voted to ban these down payment assistance programs, 4 individuals in Congress have turned around and enacted a new bill, H.R. 6694, which would allow the down payment assistance programs to continue. 

I have spoken to many loan officers who have 10 years or more of experience in the mortgage industry. Every single one of them are for Down Payment Assistance Programs. Many of us feel that HUD’s numbers of 1 out of every 3 DPA’s go into foreclosure are very misleading.

FHA loanswere started in 1934 and the sole purpose was to help homebuyers to obtain the American Dream.  Now, it went through many changes in the 1960’s and 70’s, trying to make the dream more of a reality. For a complete history of FHA loans, please click this link : FHA loans- Wikipedia

My disappointment in this whole stance by HUD and the government is that they state a stat, but don’t break down the types of foreclosures and why. As I have stated, I have been doing down payment assistance programs since 1997. How come they weren’t an issue then or even 4 years ago? The economy is not in the best of shape now and in my opinion, the politicians are stepping in and trying to correct a wrong, when they are making a wrong. 

Please read below.  This is part of an e-mail from Nehemiah, which talks about their efforts and what we can do.  You can also go to : www.DPAGroundSwell.org and help with this cause. Make your voice heard!!!

 You can also go to this web site to support the cause : To support the DPA programs, please go to www.supporthomeownership.com and make your voice heard.

Overall, as of today, 8/24/08, there are only 37 days left for our voices to be HEARD !!!!!!   http://www.dpagroundswell.org/