So long Nehemiah?
By admin | June 27, 2008
It has been said that certain home loan programs which help in the assistance of down payments may be cut with the new housing bill.
Debates in the Senate going on right now will eliminate these Nonprofit Organizations while the House debates imposing new regulations on these programs. These programs have become very popular and have surged over the past 10 years.
Some question the nonprofit status of these programs and even say that these types of no money down loans could put taxpayers at risk of having to bail out the government backed mortgages.
The programs, which receive no federal subsidy, help borrowers qualify for loans backed by the Federal Housing Administration, a government agency that backs loans made to low-income borrowers or those with poor credit.
Sellers often times inflate the price of the home to offset the down-payment assistant. But on the other side, individuals who use the program would be kept from purchasing a home.
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