Down Payment Assistance under attack
Those who read my posts on other sites, at this time roughly 30 places, know that I am decidedly conservative. But on this issue I will pronounce myself much more the moderate and demand that Republican Senators and House member step up ... man up!
The FHA Down Payment Assistance program is not a government hand-out, no government funds are involved.
The FHA Down Payment Assistance program helps buyers buy homes they otherwise couldn't buy, because they have the credit and ability to make the payment but don't have the down payment. This doesn't make them bad people, please refrain from the elitism of radical libertarian thought, this means they like many of us can cover their bills and should have the right to own a home instead of renting.
Now more than ever, with rates so low and home values moderate compared with three years ago, these potential home buyers are ready to pounce. We need, they need a reinstatement of the FHA Down Payment Assistance program and guess who's holding it up? Republicans
I've supported ANWR oil drilling, and offshore drilling, tax cuts and Iraq ... but come off it, let these people buy homes and get the government off their backs.
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1 comments:
Knowing first hand how this works, this program is all well and good on the surface. The problem rises when many of these people really don’t qualify for the assistance, their credit scores are on the edge of disaster and lender and brokers convince them they can purchase…worse yet, sock them for closing costs that are enormously high and tell the buyer that they’d never get the loan unless they charged these fees. If this is the mind set then I’ve proven my point…don’t take the candy and clean up your credit…sub prime was just that, sub prime! ARM programs are forcing people to foreclose.
On the other hand, lots of first time home buyers need this money to start their first home purchase, not all are bad risks. Lenders and brokers alike need to really step up and dig deep into the history of their client and have enough guts to say no when people really can’t or should purchase their first home. Bad real estate deals are written every day, many in the industry should get and stay out of the business. Good budgeting of a people’s finances help them make better decisions. If they are just getting by renting, purchasing doesn’t make much sense. Renting sucks, foreclosures REALLY suck.
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