H.R. 600 Introduced to Restore DPA

H.R. 600, FHA Seller-Financed Downpayment Reform Act of 2009, a bi-partisan bill sponsored by U.S. Rep. Al Green (TX-09), would reinstate seller-funded downpayment assistance (DPA). Currently, two members of the House have signed-on to cosponsor the bill.

Read H.R. 600 (PDF)

Cosponsors:
Rep. Miller, Gary G. (CA-42) - 1/16/2009
Rep. Waters, Maxine (CA-35) - 1/16/2009

Status: Referred to the House Committee on Financial Services

Source: Library of Congress - Thomas

Comments

[Peggy Sue]

This new bill would not only reinstate DPA, but it would deploy a reformed version of Downpayment Assistance Programs nationwide. So, even though DPA had a 94% success rate with home retention before, any questions regarding inflated appraisals and credit worthyness etc have been addressed in the language of HR 600.

[workingmom08]

WOW!! So, all the old arguments against DPA no longer apply! I hope all of the critics from before realize how new and imporoved HR 600 really is!

[MaryB]

The elimination of DPA programs is catastrophic at a time when qualified homebuyers are needed to purchase homes.

The Congressional Budget Office (CBO) estimates that seller-financed DPA will generate $65 million over the next five years.

Not only will it save taxpayers $13 million next year, it costs them nothing.

Please contact your elected officials now and show your support of H.R. 600.

[Angel]

Reinstating down payment assistance (DPA) will help stimulate our desolate housing market; from my vantage point, we need DPA now more than ever. I encourage everyone to support this new bill.

[Vicki]

So many people out there thought they were priced out of the housing market so there was no need to work towards saving for a downpayment on a home. Now housing prices are down and interest rates are low. The perfect time to buy and I for one will be supporting this bill to help those families achieve the American Dream.
Stabilize Housing, Help America and no Tax dollars spent.