8 million that mortgage lenders can use to provide downpayment
and closing cost assistance grants of up to $5,000 for low- and moderate-income homebuyers in Illinois and Wisconsin.
July 11 /PRNewswire/ -- The following statement was issued today by Scott Syphax, President and CEO of Nehemiah Corporation of America in response to the Senate's passage of its Housing Bill that included language that would ban private downpayment
6 million was non-competitively awarded for downpayment
and closing cost assistance helping approximately 10,500 families and individuals become homeowners.
WASHINGTON, July 16 /PRNewswire/ -- A press teleconference scheduled for today to discuss the elimination of seller funded downpayment
assistance (SF-DPA) has been postponed and will be rescheduled for a later date.
assistance helps first-time buyers to overcome the biggest obstacle to homeownership.
It is astonishing that HUD has the temerity to resubmit its rule banning private down payment assistance, given that two district courts have thrown out the rule, downpayment
assistance has received extremely strong bipartisan support in Congress and has been championed by a number of significant and influential consumer and policy groups including the US Conference of Mayors, National Urban League and Congressional Hispanic Caucus.
To date, privately-funded downpayment
assistance programs have helped over 600,000 families become homeowners, and have been credited not only for helping people buy homes, but also stabilizing neighborhoods and cities and creating stronger families.
Responding to the needs of those they serve, HDGF's legal actions arose out of HUD's recently issued rule which seeks to terminate successful downpayment
assistance (DPA) programs sponsored by HDGF, Genesis and other charities.
The typical first-time buyer is 32 years old, has a household income of $54,500 and makes a downpayment
of three percent on a home costing $139,000.
The idea that someone would utilize a downpayment
on a home to hide the true source of a campaign contribution is truly bizarre -- and totally unacceptable," Shelley said.
However, since there will always be downward fluctuations in our economy, it will behoove all lenders carefully to appraise the terms of mortgage lending for all loans and to compensate for risks by a larger downpayment
as the terms of the loan are extended.
For borrowers making a downpayment
of 30 per cent or more, its floating rate for mortgages will now be 4.
NAA/NMHC are opposing efforts to overturn the recent Congressional ban of so-called "charity" downpayment
Furthermore, the Owner is willing to extend Seller Financing to a qualified Buyer with a $600K downpayment
He sold them Nelson's Column for pounds 6,000, Big Ben for a pounds 1,000 downpayment
and Buckingham Palace for a pounds 2,000 downpayment