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 Sat, 21 Nov 2009 07:47:59 +0000 http://wordpress.org/?v=2.6 By: Sonja http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-56620 Sonja Mon, 15 Jun 2009 17:56:11 +0000 http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-56620 Government idiocy. The DPA's (at least the legitimate ones) were disigned to help the LOW income and disabled people be able to attain affordable housing, without losing their normal benefits. The government thusly stopping these, has the gall to essentially say that Low income and disabled, have to SAVE 3.5% down payment which on most cases is well above $3000, and SSI programs, limit your savings to $2000 or else all your benefits get taken away. This is another way for GOVERNMENT to SCREW the LITTLE people, and give to the RICH.. What is wrong with the picture.. THe Rich use the programs to screw the little people.. What the Government needs to do is crack down on the Rich jerks that make life miserable for the LOW INCOME people.. Forcing everything that is good to be taken away, because They-the rich, take it from the rest of the people that could HONESTLY use it. Government idiocy. The DPA’s (at least the legitimate ones) were disigned to help the LOW income and disabled people be able to attain affordable housing, without losing their normal benefits. The government thusly stopping these, has the gall to essentially say that Low income and disabled, have to SAVE 3.5% down payment which on most cases is well above $3000, and SSI programs, limit your savings to $2000 or else all your benefits get taken away. This is another way for GOVERNMENT to SCREW the LITTLE people, and give to the RICH.. What is wrong with the picture.. THe Rich use the programs to screw the little people.. What the Government needs to do is crack down on the Rich jerks that make life miserable for the LOW INCOME people.. Forcing everything that is good to be taken away, because They-the rich, take it from the rest of the people that could HONESTLY use it.

]]> By: Don http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-42723 Don Tue, 24 Feb 2009 09:28:23 +0000 http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-42723 we need DPA we need DPA

]]> By: Mark http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-36881 Mark Mon, 12 Jan 2009 16:18:28 +0000 http://www.fhaloanpros.com/2008/07/fha-reform-to-ban-downpayment-assistance/#comment-36881 I am not so happy with this. I am looking at an FHA loan with a requirement for 3.5% down. Now I don't have the best of credit, and my wife is pregnant. Any money we have has gone to pre-paying for the delivery, which our OB wants and the hospital did't require, but we though it best to get as much of that out of the way. I am currently paying $752 a month in rent, and the loan I am looking at will be about $300 a month. So how does this really help me? Not at all. How does it help other taxpayers, not at all. If I cant get approved for this, then I really wont be paying any interest on this loan, so the pot cant profit. Not counting the fact that I still pay my taxes. I just don't see how this helps. I would agree to income restrictions on this. I am not so happy with this. I am looking at an FHA loan with a requirement for 3.5% down. Now I don’t have the best of credit, and my wife is pregnant. Any money we have has gone to pre-paying for the delivery, which our OB wants and the hospital did’t require, but we though it best to get as much of that out of the way. I am currently paying $752 a month in rent, and the loan I am looking at will be about $300 a month. So how does this really help me? Not at all. How does it help other taxpayers, not at all. If I cant get approved for this, then I really wont be paying any interest on this loan, so the pot cant profit. Not counting the fact that I still pay my taxes. I just don’t see how this helps. I would agree to income restrictions on this.

]]> 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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