Nehemiah Executives Expect Shutdown Soon
HUD’s second round of trying to kill seller paid down payment assistance on FHA loans may be successful per the Sacramento Bee.
“The program that has helped almost 300,000 lower-income people nationally buy homes in the past decade – while stirring controversy for years – is likely to be shut down this week, Nehemiah Corp. of America officials acknowledged Monday.
The nonprofit giant believes Congress and President Bush will ban its decade-old down-payment assistance “gift” program within days as part of a larger housing bill, Nehemiah President and Chief Executive Officer Scott Syphax said Monday.
Syphax said he met Monday with the Nehemiah board and about 30 down-payment assistance employees in Sacramento to say it’s likely the “doors are closing” on the program.”
This could have a real effect on the housing market throughout the US. My hopes are that we will move to the 1.5% down payment for FHA that the Senate has proposed if this is the case.
HUD will still allow other down payment assitance including help from relatives. For more information on down payment assistance options you can read my article from a month ago located at:
Jonathan
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