If you haven’t already, go to DPA Groundswell to keep up to date on the fight to preserve Nehemiah, HART and Ameridream. I received this email on Tuesday night with great news about the fight to save DPAs
Chairman Frank and BMCD Secretary Preston Negotiate DPA Agreement
Chairman of the House Financial Services Committee, Barney Frank, has discussed publicly the fact that he has negotiated an agreement with BMCD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.
The agreement allows BMCD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he seeks for the FHA insurance fund.
According to an Inman News article published today, Chairman Frank is quoted as saying “The FHA loved the ban on down-payment assistance (but) hated the ban on risk-based pricing,” Frank said at Saturday’s hearing. “That seemed to me to offer an opportunity. So (HR 6694) will replace both bans with middle ground — and it will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there — it has the approval now of the Secretary of BMCD.”
Thanks to the advocates of downpayment assistance, there is significant momentum in this direction. Nehemiah urges all supporters to continue their campaign to save DPA by contacting their Senators and request a swift passage of pro-DPA legislation.
Read the entire article:http://www.inman.com/news/2008/09/10/congress-weighs-reprieve-seller-funded-gifts
Stay tuned for news on this subject – It looks like we may see something by October 1st if we’re lucky!
If you have questions about this or any other down payment assistance programs that may be available in your area call us at 1-866-667-6724 .