Is Down Payment Assistance Coming Back?

First time home buyer

Unfortunately, my wife and I did not hear about these programs until early September and will not be able to take advantage of these assistance programs when purchasing our first home. I would be ecstatic to hear that Congress extends or even makes these programs permanent. We do not come from wealthy families, but both have great jobs and are working hard to save as much as we can in this tough economy. I say any little assistance would be wonderful!

Eric of SC @ Sep 18, 2008 11:23:16 AM

Pual Howard is clueless

Down payment assistance programs have helped over 1 million creditworthy families become homeowners all without a single taxpayer dollar.

Paul Howard would like you to think that these programs are fraud which they are not. When in fact in 1998 HUD's Office of General Counsel reviewed these programs and approved them to be within FHA regulations. They issued an opinion letter stating as much, which is publicly available.

Paul Howard is concerned about people purchasing their home without any money down. Well, Paul, people have beening buying homes for years without a single dime of their own money...they get it from mommy and daddy. So I guess it is ok for rich peolpe to get their family members into a home without any money but poorer families should not be afforded the same luxury, according to Paul Howard of NJ.

Down payment assistance progarms fund the gifts with contributions from buyers of previous home sales. HUD prohibits sellers from giving buyers a down payment and that is strictly adhered to.

FYI Paul Howard, HUD already tried to change the rule but they were stuck down in not one but two Federal courts who said that these non-profits exist within the letter of the law. And that do indeed help people become homeowners and HUD's rationale was completely baseless. Oh, BTW, Congress does have something to say about it. They are working on keeping these valuable programs.

John Stanley of MD @ Sep 18, 2008 11:08:56 AM