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According to Washington Business Journal, Rep. Barney Frank has given "verbal support" to a bill designed to allow seller provided gifts to be given to the home buyer through a designated non-profit (like Ameridream).
Is there a reason that the govenment wants buyers to come up with SOME downpayment before they purchase a home? Could it be that owning a piece of the place in which you live gives you a better reason NOT to go into foreclosure. Believe it!
Hey, I'm a realor and I WANT people to buy houses. It's good for the country, it's good for the economy and it really is part of the American Dream. But it SHOULD be a little difficult! Anything worth while is worth earning and fighting for. People should not be targeted because they're not ready to own a home yet.
As any homeowner knows, getting the downpayment together and getting a mortgage is only the first step. Home Depot owns your butt...and perhaps, that's the American Dream, too. Buy a house...keep it fixed up and efficient...warm and safe. The money flow starts at the time of purchase. If you need to borrow the DP, where are you going to get the on-going $$ to keep the place in good condition?
Contact Rep. Barney Frank here to let him know that this type of bill is not good for the nation.
Contact Rep. Al Green here to let him know that this type of bill is not good for the nation.
Wednesday, January 21, 2009
Sunday, January 18, 2009
New hope for Amerdream? Vote NO!
Just got this from Ameridream...
Doesn't Al Green get it? Ameridream doesn't help homeowners. They hurt the economy. They allow people who shouldn't be able to get a mortgage, get a worse one than if they had borrowed from a family member. This hurt all of us, people!
Just to remind you...
1) A buyer is not allowed to accept money from the seller
2) A buyer is allowed to accept money (for a downpayment) from a non-profit.
3) Ameridream is a recognized non-profit.
4) The seller increases the price of the house of the amount of the proposed "gift". The seller then gives Ameridream a "donation" which is of this gift amount. Ameridream takes a cut and then passes on the "gift" money to the unlucky buyer. They now have a house that might be difficult to appraise later and they have a mortgage that they often can't afford.
There's a reason why mortgage companies and the government want home owners to pay a downpayment. This gives them a "piece of the rock" so to speak. They own a part of the house and are less likely to walk away from it if they experience difficulty in paying their mortgage.
Al Green deserves a call or an email from you to not help these types of companies steal from the American economy. Is anybody paying attention to the mortgage crisis. This is one of the reasons it's bad!
Here's the email.
We have been informed that a bill to reinstate reformed downpayment assistance will be introduced as early as tomorrow. The bill is expected to be introduced by Congressman Al Green (TX) with bipartisan support. The bill will have the same language as unanimously passed last year by the House Financial Services Committee.
We will keep you informed as we continue to support efforts to reinstate downpayment assistance.
AmeriDream
"Doing things right for America's homebuyers"
Doesn't Al Green get it? Ameridream doesn't help homeowners. They hurt the economy. They allow people who shouldn't be able to get a mortgage, get a worse one than if they had borrowed from a family member. This hurt all of us, people!
Just to remind you...
1) A buyer is not allowed to accept money from the seller
2) A buyer is allowed to accept money (for a downpayment) from a non-profit.
3) Ameridream is a recognized non-profit.
4) The seller increases the price of the house of the amount of the proposed "gift". The seller then gives Ameridream a "donation" which is of this gift amount. Ameridream takes a cut and then passes on the "gift" money to the unlucky buyer. They now have a house that might be difficult to appraise later and they have a mortgage that they often can't afford.
There's a reason why mortgage companies and the government want home owners to pay a downpayment. This gives them a "piece of the rock" so to speak. They own a part of the house and are less likely to walk away from it if they experience difficulty in paying their mortgage.
Al Green deserves a call or an email from you to not help these types of companies steal from the American economy. Is anybody paying attention to the mortgage crisis. This is one of the reasons it's bad!
Here's the email.
We have been informed that a bill to reinstate reformed downpayment assistance will be introduced as early as tomorrow. The bill is expected to be introduced by Congressman Al Green (TX) with bipartisan support. The bill will have the same language as unanimously passed last year by the House Financial Services Committee.
We will keep you informed as we continue to support efforts to reinstate downpayment assistance.
AmeriDream
"Doing things right for America's homebuyers"
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