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
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.
Posted by: Peggy Sue | 26 January 2009 at 02:04 PM
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!
Posted by: workingmom08 | 26 January 2009 at 03:01 PM
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.
Posted by: MaryB | 27 January 2009 at 12:00 PM
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.
Posted by: Angel | 28 January 2009 at 09:39 AM
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.
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