Monday, October 1, 2007

Downpayment Gift Ban

Well an agent who is certified to assist buyers leverage a few different types of downpayment assistance programs, it is too bad to learn that U.S. Department of Housing and Urban Development has nixed these for now.

One of the more prominent programs is Nehemiah, which is based in Sacramento. I received an email from the CEO of Nehemiah, Scott Syphax, explaining they intend to fight this ban. According to the Sacramento Business Journal, Nehemiah has already filed suit today.

Write to your local elected officials to voice your concern about the elimination of downpayment assistance programs! Visit

Interesting...I have assisted buyers to use these types of programs in the past, and all have come out as a win-win for both buyer and seller. I am aware that there are unscrupulous agents and buyers who probably have used this program in ways for which it was not intended, and their abuse ruined this for legitimate buyers who truly benefit from these programs.

I will be curious to see where this all goes and what both sides have to say...


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