Help SAVE Down Payment Assistance Programs and help fight those who want to abandon the programs that provide the BEST source for First Time Home Buyers with the assistance to get into owning a home.
The following statement was made on June 9, 2008 by Scott Syphax, President and CEO of Nehemiah Corporation of America, in response to HUD’s resubmission of a rule banning private downpayment assistance.
“It is astonishing that HUD has the temerity to resubmit its rule banning private down payment assistance, given that two district courts have thrown out the rule, downpayment assistance has received extremely strong bipartisan support in Congress and has been championed by a number of significant and influential consumer and policy groups including the US Conference of Mayors, National Urban League and Congressional Hispanic Caucus. It is clear that the priorities of Commissioner Montgomery do not lie with low to middle income families to whom he is sworn to serve.
At this time, it is critical that the consumer groups, policy makers, government and elected officials, real estate industry and those who serve first time homebuyers in this country stand up and fight this rule that will do serious damage to a particularly vulnerable group with little political capital at this crucial time.
Programs like Nehemiah’s are putting people in homes, generating wealth and strengthening communities. The government can not and should not be in the business of restricting access to homeownership. Montgomery’s proposed rule would shut down an enormously successful program and slam the door on hundreds of thousands of families and their opportunity for homeownership in this environment. Nehemiah and other supporters of downpayment assistance have fought and will continue to fight on behalf of those who are capable and deserving of becoming homeowners. We will not watch Commissioner Montgomery or HUD sever the only lifeline available to the low to moderate income families.”
I don’t really understand the controversy. FHA loans are very well documented and borrowers who get them most certainly qualify for the loan. It’s a very strict underwriting process.
More sellers should be encouraged to offer down payment assistance and more buyers should ask for it. It’s one of the few sparks in the struggling housing industry. Thanks for standing up for it!