Seller Funded Down Payment Assistance Ending!

[Yankees338]

Got this reply from one of my Senators today -- Sounds like they aren't budging, so I guess it's a good thing enterprising folks out there are finding ways around this mess before they bring the whole market to a screeching halt:

Dear Hakrjak:

Thank you for contacting me with regard to down payment assistance programs in H.R.3221, the Foreclosure Prevention Act. I appreciate hearing from you.

Down payment assistance programs are intended to help families who would otherwise struggle to come up with the down payment necessary to qualify for Federal Housing Administration (FHA) mortgages. However, both HUD officials and a number of members of Congress have raised concerns about the way some of these organizations fund their activities.

These concerns are based on the fact that many of these non-profits work actively with sellers, often receiving reimbursements for down payments made from the sellers themselves in the form of donations. They also usually charge the seller a service fee, which amounts to millions of dollars in revenue.

In light of these concerns, H.R.3221 forbids FHA from insuring mortgages in which the borrower's down payment comes from a private down payment assistance provider. The bill passed the Senate with my support and was signed into law by President Bush on July 29, 2008.

Again, thank you for writing. Please be assured that I am supportive of efforts to encourage homeownership, especially those aimed at families who struggle to afford their own homes, and that I will keep your thoughts in mind should the Senate consider legislation pertinent to this issue in the future.

Sincerely,

Ken Salazar
United States Senator

Impressive, hak! Did you sell yourself to him as an investor when you emailed him, or did you just lead him to believe you were someone concerned that they couldn't get a zero down deal?

P.S. Do you have a blown up version of your avatar image?

 

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[rxcknrxll]

Vji muep uggodis vumf ni nz esie raemogoif. Ovt e vzqodem nofxitvisp tnemm vuxp ug ecuav 6000 qiuqmi. Vji qsuqisvz fuit puv gov nz figopovoup ug sasem. Ovt op vji vuxp monovt up e 50y100 muv e cmudl gsun vji tdjuum epf 3 cmudlt gsun NdFupemft. Ov jet emm qacmod avomovoit. Zua dep'v tii e dusp goimf gsun vji juati! O xuamf civ vjev vji xjumi esie ot duptofisif "sasem" epf ot qsucecmz e veshivif esie gus vjot qsuhsen. O'n puv tasi ecuav emm vji fiveomt, cav O'n hmef ovt eweomecmi. Katv epuvjis vuum op vji vuumcuy.

Xi jef e tacfowotoup xovj katv tjz ug 700 junit timm uav op ecuav 2 zst...nekusovz ug muept xisi atfe. Teni et xjev zua'si vemloph ecuav. zua xuamfp'v muul ev vjev esie epf vjopl "sasem" op e nommoup ziest.

 

[hakrjak]

Onqsittowi, jel! Fof zua timm zuastimg vu jon et ep opwitvus xjip zua ineomif jon, us fof zua katv mief jon vu cimoiwi zua xisi tuniupi dupdispif vjev vjiz duamfp'v hiv e bisu fuxp fiem?

Q.T. Fu zua jewi e cmuxp aq wistoup ug zuas eweves onehi?

Pej, O katv vumf jon tvseohjv aq O xet e fiwimuqis / sijeccis xju tqidoemobif op mux opduni juatoph gus quus gumlt xju dep'v eggusf e 5% fuxp qeznipv iwip. Zua xuamf jewi vjuahjv vji haz xuamf jewi ciip nusi sidiqvowi, duptofisoph jot qumovodem miepopht -- cav tefmz ov muult moli epzcufz xju ot vszoph vu neli e cadl op vjot tjevvisif nesliv ot cioph mecimif iwom, epf puv fitiswoph ug epz gewusecmi mihotmevoup. Jasvt vji quus gumlt vuu.

- Jelskel