Question: Nonprofit down-payment assistance programs

Posted: July 7, 2008 in Politics, Question

America has numbers of citizens who cannot afford the down payment on a house, but can afford monthly mortgage payments. On the other hand, our country is also filled with homeowners who were willing to wait and exercise discipline to accumulate the down payment before purchasing a home. Personally, I think there are valid points that can support both sides of this debate.

Last week, there has been some noise sweeping through Washington about the possible elimination of such programs in the current housing bill. What do you think? Should these programs be eliminated?

  1. DarkStar says:

    My first home I had a down payment but not the 20% required because I used an FHA loan. The rate was a reasonable 10.5% interest rate. (Reasonable for the time).

    I’ve refinanced and purchased another home since then. The second house I had a down payment necessary because I sold my first home.

    I’m torn. Right now we are in the process of selling this home. We will have 20% if I sell the house for what a recent sale sold for, if not, I’ll have to see what the price will be.

  2. nista206 says:

    I think the programs should stay in place b/c the main problem isn’t the down payment, nor is it the monthly payment, it’s the interest rate. If you know that you can’t afford to pay over a certain amount for your mortgage, then you def want to do a fixed rate. However, the adjustable rate loans seem to be easier to attain, & that’s mostly what has caused the market crash…. you had people that obtained these adj rate loans & could easily afford the note the 1st couple years when the rate was low, but once the rate increased, so did the note, & it was then out of their budget.

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