Where’s the Help?
Many people wishing to purchase a home often rely on seller assisted down payment assistance programs. Without this help, most middle class families cannot afford to purchase a new home. This does not mean they cannot afford their mortgage payments, but they cannot put money back in order to save for a down payment. The reason this is true is that they have x amount of dollars to live on each month, they pay rent, utilities, and all other bills on time. Many of these middle class citizens even have good credit, but cannot seem to save money for a down payment.
Now, comes, the huge slap in the face to many middle class Americans. HUD has reissued its rule to ban seller assisted down payment assistance programs and the charitable organizations that help individuals seek home ownership.
If HUD’s new rule is implemented many Americans will not be able to enjoy their dream of homeownership. The government will have to use the tax dollars of these Americans that rent and all other Americans to replace PDA’s. There will not be any recourse for those that wish to buy a home and can afford a new home, but cannot save enough money for a down payment. Of course, as long as Americans cannot buy homes, the housing market is going to be in trouble along with homeowners that wish to sell their homes.
May individuals believe turning to such loans as HUD, FHA, Freddie Mac, and Fannie Mae are the answers to our dreams, however, if they ban programs that help the Americans get into their dream homes, where is the help?
With this type of stuff going on behind the backs of Americans, whom can we turn to for help? The answer is your realtor. Contact your realtor; they can help you when it comes to buying a home or selling a home. They know exactly what is going on and can work on our behalf to fight these types of bans.