Fort Meade Real Estate - Down Payment Assistance Programs

Posted Sep 25, 2008 @ 11:27 am, Viewed by 676 Visitors, Read 686 Times.
HR 6694 the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 bill was approved by the House Financial Services Committee on September 16th.  This is a great step forward in bringing back a reasonable, balanced and managable solution that will allow Sellers to contribute some or all of the downpayment to a buyer that wants to purchase their home.

This program rasied great controversy and was deemed part of the downfall of the housing market as it incorrectly got pulled into the BCD lending "scandal".  The truth is this is a great program that can make a big difference for families with responsible credit histories that want to step into home ownership.

The revamped program has some very sensible restrictions on qualification including credit scores above 619 (below the USA average).  Families whose credit scores fall between 620 - 680 will be required to pay a higher up-front premium of 3% and higher annual premiums of 1.25%.   Borrowers with credit scores above 680 who have proven, solid credit histories would not have to pay these fees.  This risk based pricing makes a lot of sense by charging more for the loans at the greatest risk of default.

This bill is expected on the House floor this week.  But more support is needed to ensure it's success.  Make your voice heard by going to www.DPAGroundswell.org and contacting your local representatives to let them know that you support bringing back a revised and responsible down payment assistance program.  Every voice counts.  Let's tell our local  Representatives that this is an important part of keeping our housing economy strong.   Do it today!

Laura Roskelly, Realtor GRI, ABR, ASR, E-Pro
Accredited Home Staging Professional
RE/MAX Leading Edge
1360 Main Chapel Way
Gambrills, MD  21054
(410) 721-6694
E-Mail: FortMeadeHomes@aol.com
On-line:  www.FortMeadeHomes.com

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Fortmeadehomes

Fortmeadehomes Our military family team of full-time real estate agents has been serving the Fort Meade Maryland area for over 8 years.  We've helped hundreds of families buy and sell real estate near Fort Meade.  Our web site was designed by a military wife to answer all the questions you may have when relocating to the Fort Meade area including what cities and counties are close to Fort Meade, reports for public and private schools, on-base resources, community information and photos, foreclosure sale information, property values as well as complete access to all MLS listings of homes for sale and homes for rent near Fort Meade.  If you are planning to buy or sell your Fort Meade area property you can trust our team to provide you with the very best results guaranteed.  The Fort Meade Homes Team is your best resource for real estate information.  Call or visit us on-line today! Read More

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