The House of Representatives passed a housing bill yesterday that will go to the Senate next month.
There’s a TERRIBLE provision in it that will eliminate the “down payment assistance programs” such as Nehemiah.
As you know, the whole trouble caused by the big run up was because of zero out of three loans (subprime). No money, bad credit, no income.
But we desparately (especially in Las Vegas) need loans where you have to have at least 2 out of the three criteria in place. Currently, the only 2 out of 3 loan program that we have to work with is the downpayment assistance program. You have to PROVE you can afford the house. You have to have reasonably good credit. But getting up the downpayment is the problem, and the assistance programs let otherwise qualified buyers get into homes.
Would you please take a moment and click on this link, fill out the form, and send an email to your representative and Senators to tell them to TAKE THIS PROVISION OUT OF THE HOUSING BILL?
This is a national call to action. There’s several thousand of you out there who read me daily or occasionally. I need ALL of you to do us all this as a favor not just to me, but to the entire housing sector of the economy. Here’s the link again http://capwiz.com/nehemia/issues/alert/?alertid=11598811 Please click it and fill in the form.