C Tann-Starr's Outside Blog

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Nehemiah & seller-funded down payment assistance program meeting live on 1/23/09 @ noon

My friend Jeff Belonger was kind enough to make this available for a re-blog. This is a very important issue affecting our industry and I am rooting for the return of the seller funded down payment assistance programs. Nehemiah worked wonders in New York City and I definitely want these programs back. 

 

nehemiah program

 

 

Nehemiah Corporation is putting together a town hall meeting in regards to the seller-funded down payment assistance (DPA's) reform act of 2009 that introduces bill H.R. 600. This bill is last years version of H.R. 6694 and is being backed by Senator AL Green (D - TX).

 

If many have been following the news and my blogs since August 2008, you will understand that there has been very strong support for this bill. Right before the deadline last year, many members of congress came to an agreement and asked for certain things to be implemented. Such things as credit score requirements, which can be read about here.... Compromise to bill H.R. 6694

 

Scott Syphax, CEO of Nehemiah corporation will be heading up the meeting, with some important topics on the agenda. The main one is to have bill H.R. 600 included in the new stimulus package which newly elect President Barack Obama will be introducing in the next month or so. And if you have been following my blog updates about the down payment assistance programs, you'll know that I believe that there is a place for them and that they do work. It comes down to educating the borrower about homeownership and walking them through the steps.

 

Help support GroundSwell2 and help fight restoring the seller-funded down payment assistance program.  Take a step as I did in September, and participated in the Nehemiah rally for DPA's.

Here is a blog and a video from when I went to DC to talk about the DPA's.

Mr. Belonger goes to Washington..... by: Patricia Kennedy   Video: Here is a video at the rally

 

 

 

Let me leave you on this important note.... I am sure many of you have heard the negative feedback from HUD to as why these types of DPA programs aren't as good for our economy now. There was never a true and reliable independent company that did accurate surveys up until the very end, before the seller-financed DPA's were eliminated.

Ken Cook wrote this excellent post about myths and misleading facts ... please read : Opposition of Down Payment Assistance

 

 

 

Meeting time & date :

Friday January 23rd at Noon EST

Dial in #:  877-269-7289
Passcode: 13908


Space is limited....    PS... if you can't attend, I will have an updated blog with an audio recording. thanks

 

 

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For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2008-2009 Tax Credit for First Time Homebuyers : 2008 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!


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Comment balloon 8 commentsC Tann-Starr • January 21 2009 08:47AM

Comments

I assume you are rooting for responsible re-intro of this program. I know the idea of credit score requirements was tossed around before. I think that is a good idea since these borrowers were far more likely to default. But as everything we see, it must be in moderation, and not the blitzkrieg transformations we were all subject to over the last year or so.

Posted by Stephen Kappre, Helping You Home (KW Hometown) almost 10 years ago

First time buyer grants had nothing to do with participants credit score, it just had to do with entering the sponsoring program (sometimes by lottery) which has limited seats, finishing the required first time buyer class, getting the program certificate and finding a home to use the grant towards. If the participant could not get a mortgage because of poor credit, the grant was a moot point and not able to be transferred or redeemed. They are not indefinite, they have expiration dates and rules as to type of residence and price caps.

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 10 years ago

I must be on a different page. I use first time buyer grants all the time, both county and state programs, still. I thought this Nehemiah was a DAP. And one of the reasons DAP's were nixed was because of their statistically poor default rate. I think that loan approval shouldn't be the determining factor in recieving funds from such a program. Credit score isn't the end-all (either). I like the education classes certainly, but these scenarios defaulted more often for a reason. Maybe credit score isn't the answer. I hope they can find the answer so this does get reintroduced safely. 

Posted by Stephen Kappre, Helping You Home (KW Hometown) almost 10 years ago

I hope so too, Steve. I really want to help my buyers maximize their opportunities. I had a few who were not able to find a suitable home in time, so they lost their grants. They had the down payment but not the closing costs for the range they wanted to purchase in. Their grants would have been wired into escrow on the date of closing, so I was sad to loose them. I'm hoping to get them back. Sometimes these grants are the difference for a family being able to purchase a house rather than a condo or co-op. A $10K grant can make a significant difference to someone who only has $25K.

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 10 years ago

I agree 110%!

Posted by Stephen Kappre, Helping You Home (KW Hometown) almost 10 years ago

Hi C- Jeff always has such great information- thank you for reblogging this. We need the DPA's now more than ever!

Posted by Mary Douglas, REALTOR, Red Feather Lakes, Colorado (United Country Ponderosa Realty, Red Feather Lakes, Colorado) almost 10 years ago

I'm having a manicure at that time -- will this be available online?

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) almost 10 years ago

Steve :-)

You are welcome, Mary.

Jeff will post the audio. I'll keep an eye out for it.

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) almost 10 years ago

Participate