The House Financial Services Committee adopted H.R. 6694, legislation designed to reauthorize and reform down payment assistance programs that the Bush Administration banned in July.
A last-ditch effort to head off the Oct. 1 ban on the use of seller-funded down-payment assistance with FHA-backed loans is picking up steam as a compromise bill that would mend rather than end the practice of down payment assistance.
HR 6694 would allow qualified borrowers with credit scores of 680 or above to use seller-funded down-payment assistance on FHA-backed loans. Borrowers with scores between 620-680 will be subject to risk-based pricing and higher insurance premium fees.
But the bill still needs to be approved by Congress and the President.
Yesterday's committee vote was a positive step toward preserving down payment assistance, but it's far from over. Now more than ever, members of Congress need to know that Americans are watching their vote on H.R. 6694.
To me it seems like a common sense bill. Instead of making a blanket rule, let folks who have good credit benefit from the program. Let's cross our fingers!
I'm here to help! Call me!
My job is to get you the best deal I can and help you navigate through our complex Sacramento Real Estate Market. My team works directly with many banks to sell their foreclosed homes... so I HAVE A LIST OF HOMES NOT YET ON THE MARKET! Interested in Sacramento HUD homes? Check out my other blog I write dedicated to Sacramento HUD Homes for sale!
Are you facing a foreclosure of your Elk Grove or Sacramento home?
Get your answers on April 24th and find out what your options are! Short sale may or may not be your answer! Let me help you try and save your home
ON APRIL 24TH!
Find out more and WATCH THIS VIDEO!!!
REGISTER NOW For my next Foreclosure Prevention Workshop on April 24th!!!
Looking to buy a home? Search for homes for sale right now and register for your Free Listing Alert! Be notified when new homes come on the market!
Please contact me at my website or call me at (916) 585-3858 and let's discuss how we can work together to find your next home or investment property.
Find me online ...
