Charlotte Real Estate, Foreclosures, Short Sales

What is H.R. 6694?  H.R. 6694 is the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008.  It has been implemented to To revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of Housing and Urban Development under title II of the National Housing Act and to authorize risk-based insurance premiums for certain mortgagors under such mortgages.  Basically, this will allow downpayment programs to continue indefinitely.  Why is this important?

Why this Bill is Important

President Bush signed H.R. 3221 Housing and Economic Recovery Act of 2008 into law on July 30, 2008. Included in this bill was the elimination of downpayment assistance (DPA) programs.  Borrowers who are credit approved prior to October 1, 2008 can receive downpayment assistance and have their loan FHA-insured.

Charlotte Area Builders

Many of Charlotte North Carolina home builders still use downpayment assistance.  It is a great tool to help first time homebuyers achieve their goals of owning a home.  Especially now, with more inventory on the market than demand calls for, we need a way to ensure home buyers still have ways to purchasing a home.

Save Downpayment Assistance

Save Downpayment Assistance!  Contact your elected officials and urge them to support H.R. 6694.  Allow downpayment assistance to endure. Failure to act now will can eliminate downpayment assistance as we know it forever.  Please write your senators and your House of Representatives and let them know how important it is to pass H.R. 6694 by October 1, 2008.  Allow our housing market to try and recover with the aide of willing and able buyers buying homes for sale.