Forget hypothetical statements about the impact of doing away with seller down payment assistance programs such as Ameridream.
Forget the stories of all the buyers I and others have helped purchase homes through such programs, folks who legitimately qualified for FHA financing but only needed help with their down payment, folks who still are making payments and aren’t foreclosure risks.
Look instead at this question from Trulia today. These, dear readers, are the people that the folks in Congress screwed:
i have been approved for the program, but my realtor contacted me telling me there are no banks accepting the program so basically i have to start trying to save the 3.5% downpayment required now, which will take me a while considering i have a big family….so this would have been a dream come true, but unfortunately it fell through.
A dream come true. Gone. Well done, Mr. and Mrs. Congressman.
Let’s hope they come to their senses and pass the bill reinstating the DPA programs.[tags]Ameridream, Phoenix real estate[/tags]