Comments on: FHA Reform To Ban Downpayment Assistance http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/ The Unofficial Guide to FHA Loans & Mortgages Mon, 01 Dec 2008 23:07:30 +0000 http://wordpress.org/?v=2.6 By: carl matos http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-24500 carl matos Wed, 10 Sep 2008 23:44:20 +0000 http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-24500 I need DP to buy my home I need DP to buy my home

]]> By: April http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-21618 April Fri, 01 Aug 2008 01:02:11 +0000 http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-21618 I am a tax payer and I am not happy. I will not save tens of billions of dollars. If anything thats tens of billions of dollars that the government will find something else to use it for. Its not like they are going to lower taxes now that this program no longer exists. I am in the process of trying to puchase a house and do not have rich parents. I think people are forgetting the purpose of the program, which is to help those that need help with a downpayment to purchase a house. Instead of doing away with the program, how about you do something about the problem? If you know people are taking advantage of it, why not go after them. Make an example out of them. I am not going to pretend like I know what the solution is but I know that taking away the program is only going to hurt the ones it was meant to help. I am a tax payer and I am not happy. I will not save tens of billions of dollars. If anything thats tens of billions of dollars that the government will find something else to use it for. Its not like they are going to lower taxes now that this program no longer exists.

I am in the process of trying to puchase a house and do not have rich parents. I think people are forgetting the purpose of the program, which is to help those that need help with a downpayment to purchase a house.

Instead of doing away with the program, how about you do something about the problem? If you know people are taking advantage of it, why not go after them. Make an example out of them.

I am not going to pretend like I know what the solution is but I know that taking away the program is only going to hurt the ones it was meant to help.

]]> By: Tom Lawler http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-21293 Tom Lawler Mon, 28 Jul 2008 14:02:33 +0000 http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-21293 Taxpayers should be ecstatic that the seller-finance DPA prgrams are gone! Programs where sellers essentially hiked the sales price, but then "contributed" the down paymnent (and closing costs), ran counter to the intention of the program -- to have a minimum down payment. Defaults on seller financed FHA loans have been massively higher than "regular" FHA loans, and ending the program will save taxpayers tens of billions of dollars. Data showing performance can be found at http://www.hud.gov/offices/hsg/comp/rpts/actr/2007sec4.pdf Taxpayers should be ecstatic that the seller-finance DPA prgrams are gone! Programs where sellers essentially hiked the sales price, but then “contributed” the down paymnent (and closing costs), ran counter to the intention of the program — to have a minimum down payment. Defaults on seller financed FHA loans have been massively higher than “regular” FHA loans, and ending the program will save taxpayers tens of billions of dollars. Data showing performance can be found at http://www.hud.gov/offices/hsg/comp/rpts/actr/2007sec4.pdf

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