Real Estate Report: Why buying a home would be great timing

The economy is not good. Unemployment is up. Energy and food costs as well as prescription costs have increased dramatically.

[AmeriDream]

Check out this video www.supporthomeownership.com/news/default.asp... . There's an effort in Congress by both Democrats and Republicans to reauthorize downpayment assistance programs with new reforms under a bill called H.R. 6694. You can learn more about H.R. 6694 and voice your support for it at www.supporthomeownership.com and send a letter to Congress. Non-profit downpayment assistance programs work and are vital to homeownership and the economy. These programs help FHA's target population of individuals and families (low-to moderate-income, minorities, women or first-time homebuyers) become homeowners. These homebuyers must meet HUD's rigorous loan qualifications in every respect, but are unable to save the needed downpayment. HUD has been spreading misinformation about non-profit downpayment assistance programs for years. HUD doesn't want you know they have a 94% success rate. There is still time to have Congress bring back downpayment assistance programs with reforms but Congress needs to hear from you. Click this link http://takeaction.ahaanow.org/ahaa/issues/ale... to voice your support.

[Peggy Sue]

Downpayment Assistance Programs have not been outlawed, but HR 3221 will make it harder for homebuyers without being able to use DPA in conjunction with FHA. There is a lot of mis-information surrounding these programs, which have helped thousands of families buy homes. HR 6694 was introduced as DPA reform to protect low-come families from being locked out of homeownership. Please visit www.dpagroundswell.org for more information.

[Tami]

Anyone who wants to help save downpayment assistance act now and right or call congress. As far as the tax credit,at first I thought this was a real credit. Buyer beware of the IRS fine print. This is a temporary tax credit for qualified first-time homebuyers in the form of an interest-free loan and is not a gift or grant. The loan must close by July 1, 2009 and the borrower must repay it within 15 years of purchasing the home. The tax credit doesn't offset the elimination of a downpayment assistance programs. I would suggest anyone who uses this to make sure they get all the facts first and not just spend the money on a new TV for their new home.

[Leigh]

Please help support down payment assistance programs. There is still a chance to save them. Just like Peggy Sue said please visit www.dpagroundswell.org and make your voice heard. The more people that take action and make their voice heard the better chance these programs have to stick around.

[Mr X]

From the above statement, it seems it is meant to help low-to moderate-income, minorities, women or first-time homebuyers - what about men ???

Besides - gifting the downpayment so that the homebuyer can flee is not a good idea anymore - previously home prices were increasing and credit was easily available - not anymore.