Congressman Al Green has introduced; HR 6694 the FHA Gift Downpayment Reform and Risk Based Pricing Authorization Act of 2008.
This will bring back the FHA seller downpayment assistance programs for certain buyers within three different classifications based on credit scores. Those buyers with a FICO score above 679 will be allowed FHA seller downpayments under the current HUD guidelines.
The next group is those buyers within the FICO scores of 620 to 679. These buyers will pay a risk-based mortgage insurance premium and 1.25% of the principal will be the annual premium. Then lastly the buyers with a score of less then 620 will be subject to HUD established risk based pricing.
Among non-governmental non-profits, The Nehemiah Corporation of America has been leading the charge on this issue.
Thanks for posting this information. Downpayment Assistance is such a great concept for single moms like me with a good job but no fat savings account. I visited www.dpagroundswell.org. Their website is so informative and helpful. I've written my letters to Congress and encourage everyone to do so!
ReplyDeleteGreat news for DPA!
ReplyDeleteAccording to a recent article by: Matt Carter, Inman News, September 10, 2008:
“HR 6694 … is certain to pass the House of Representatives and has the blessing of the Department of Housing and Urban Development, Rep. Barney Frank, D-Mass., said at a hearing on foreclosures this weekend. The influential chairman of the House Financial Services Committee urged those attending a committee field hearing in Stockton Saturday to lobby the Senate -- which shoehorned language banning seller-funded gifts into HR 3221, the sweeping housing bill signed into law July 30 -- in support of the bill. Frank said the bill that would give seller-funded gifts a reprieve, HR 6694, has the support of HUD Secretary Steve Preston because it also addresses an issue near and dear to the department's heart -- risk-based pricing. HR 6694 … will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD.”
We’re making progress here. Don’t give up. Let’s do what Rep. Barney Frank suggested … Contact your Senators TODAY!
We’re making progress here. Don’t give up. Save DPA!
ReplyDeleteAccording to a recent article by: Matt Carter, Inman News, September 10, 2008:
“HR 6694 … is certain to pass the House of Representatives and has the blessing of the Department of Housing and Urban Development, Rep. Barney Frank, D-Mass., said at a hearing on foreclosures this weekend. The influential chairman of the House Financial Services Committee urged those attending a committee field hearing in Stockton Saturday to lobby the Senate -- which shoehorned language banning seller-funded gifts into HR 3221, the sweeping housing bill signed into law July 30 -- in support of the bill. Frank said the bill that would give seller-funded gifts a reprieve, HR 6694, has the support of HUD Secretary Steve Preston because it also addresses an issue near and dear to the department's heart -- risk-based pricing. HR 6694 … will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD.”
Let’s do what Rep. Barney Frank suggested … Contact your Senators TODAY! Visit www.DPAGroundSwell.org, make your voice be heard and help save the much-needed downpayment assistance program. We cannot let this vital program disappear when it has helped so many deserving families.