Down Payment Assistance Programs---Stop the Ban

1. Seller funded down payment assistance (SFDPA) will deny hunreds of thousands of buyers a chance to buy a home in next year if this is allowed to be banned. We have to act now to stop the ban.
2. Banning SFDPA SELLER FUNDED DOWN PAYMENT ASSISTANCE will indirectly impact the real estate, mortgage and home building arenas with the loss of employment.
3. The vast majority of those taking advantage of this program allows minority groups, females, and first‐time homebuyers to have the American Dream come true---home ownership for them.
4. Half of FHA mortgages these days utilize Down Payment assistance programs--substantial to keeping home ownership possible in today's market.
5. There are no tax dollars used to fund these
6. The use of these down payment assistance programs contributes to the overall economy because it is putting money back into all the areas of consumer spending on their best financial investment of home ownership.

to read the full article by Inman News:

http://www.inman.com/news/2008/09/10/congress-weighs-reprieve-seller-funded-gifts

here Is How You Can Help:

     Step One:  Contact your industry organizations to tell them to support H.R.6694.

     Step Two:  Call, fax and email your Washington representatives, especially your senators.  Call and ask to speak with the Housing Legislative Assistant.  Tell them how important down payment assistance is--leave a message if you must.  

     Step Three:  Because senators are now visiting their home states, now is the time to schedule a meeting with your congressman and senators or their housing legislative assistant.  You can print out the above documents to bring to your meeting.  Visiting your congressman's office is by far the most effective way to influence them to vote in favor of HR6694.

Important Points:

• Be sure to tell them the urgency of getting this legislation through before they adjourn on the 26th of September.
• Delay the implementation of that portion of HR3221 that eliminated DPA until the February of March of 2009.  This will greatly help with the seasonal downturn in the housing market and will allow the Senate to better consider the data the DPA industry will be providing them.
• H.R. 6694 Addresses all of HUD's stated concerns.
• Let them know how banning down payment assistance affects their states--.

•·         Tell them you would like to know what studies have been done to show the impact banning DPA will have on the national housing market.

•·         Tell them you would like to know how banning DPA will help the national economy.

 Thank you for your support at this critical time.

Michael Whipple 877-313-3485 Marketing Director

Sovereign Grant Alliance

Michael@apollogrants.com