DPA = Economic Growth

Downpayment assistance (DPA) programs in the U.S. had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues, according to the Waste/Fountain study released today (See DPA Economic Impact Fact Sheet).

Comments

[TedK]

"Downpayment assistance (DPA) programs in the U.S. had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues"

How incredible is that? And to think that the Bush Administration turned a nose to this huge amount of revenue because DPA has 'only' a 97% success rate. 97% is an "A" grade in every cirriculum in the world. We need common sense folks making common sense decisions that have an impact on our economy.

This new bill will set safeguards and standards in place so that the program cannot be abused or manipulated.

We need to ensure that the American General Public has the same opportunity to buy a house as other, wealthy Americans do. Lack of money should not be the stop gap that keeps someone from one of the 3 basic human needs. Life and death should not be guaged by profit or credit.

Now is the time to make a call to your local government representatives to ensure they are aware of the economic relief that this bill provides. Talk to their aide in charge of housing and tell them how those jobs could effect our current economic climate.

DON'T WAIT!!! DO IT NOW!!!

[Michelle]

Why remove down payment assistance programs that do not rely on government funds? This report proves that these programs add jobs and revenue nationwide. Why keep taking away jobs (lending, realty, building, appraising, notary, etc) at a time when we need it most?

[David Welch RealEstateOptimist.com]

I have written a few posts about this in my blog. I have not made a big deal about the house bill, but I will be. As a Realtor, I can tell you that prices and interest rates are not holding people back. It is the down payment that is the biggest hurdle for people today.

[Skip Wiley]

In my humble opinion the single best strategy the federal government can endorse is the reinstatement of seller DPA programs.

My 30 years of experience as an owner of a major ERA Real Estate franchise and one of the countries largest privately held mortgage planning companies has given me the insight, knowledge and vision to see the approval of HR600 would instantly help homeowners sell their homes much faster and at a much higher sales price.

The immediate benefits of approving HR600 are the following:
1. Excess listing inventory will decline rapidly.
2. Home price values will stabilize and property values will begin to increase as listing inventory declines and home sales increase.
3.Realtor and loan officer unemployment claims will steady decline as real estate and mortgage loan production rises.
4.Quality borrowers who are now tenants, will in many cases, begin to quickly buy real estate with the same mortgage payment as they are currently paying for rent. The economic benefit for our country is that statistics support a decision to buy vs. renting almost always quarantees a substantially higher net worth for a homeowner at the time of retirement.
5.Foreclosures sales will begin to decline as property sales increase
6.The federal government by approving this bill will use homeowner equity instead of continuous deficit taxpayer subsidies to help stimulate the real estate housing market.

This bill must be approved!!!!

Skip Wiley
President
Transcontinental Lending Group

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