Down payment assistance

[wherzwaldo]

Am I to assume that programs like Nehemiah, AmeriDream, etc. are defunct in today's mortgage climate?

 

[ninerhorn]

to a large degree yes but some lenders will still allow them. That said, that will not continue much longer.

There is new legislation that woud reverse this and it seems that is has some legs to gain approval.

No real clear idea when this might happen.

 

[si se puede]

I believe the legislation against seller-funded down payment assistance kicks in on Oct. 1.

 

[Sangre Naranjada]

It should have never been allowed in the first place. If you can't afford a house, then discipline your budget and save until you CAN afford one. That will be great training for meeting your financial obligations in the future. Getting "assistance" doesn't do that at all.

******* idiots on both sides of the mortgage game have screwed the economy for everybody. Greedy lenders who give money to fools who don't deserve it. All of them should be allowed to fail instead of being bailed out.

 

[93ex]

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[Sangre Naranjada]

OK, I'll accept that criticism. More anger should be pointed towards the people lending money (because they have an education that ought to mean they know better) just for the sake of a commission or points, and a little less towards the fools who got in over their heads. But the fools are far from blame free.

 

[chango]

do people realize that mortgage companies lend other people's money? Even Countrywide just followed guidelines set by investors.

 

[JohnnyM]

sorry but the "just doing my job" excuse doesn't hold water here for the lenders. they should have known better, as should the borrowers. i just want the landing to be soft because it also fucks everyone else in the housing market if we just let the whole thing implode.

 

[zzzz]

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