A new bill is in the Senate that is designed to help troubled sellers avoid foreclosure. The bill will require the lenders to work with sellers to keep their homes. Some of the details are that the FHA loans coming from Fannie Mae and Freddie Mac will now require a 3.5 % downpayment and will not allow "Down Payment Assistance". While helping the current sellers in trouble this will bring more difficult conditions for first time home buyers. Through local and national "Down Payment Assistant" programs are currently helping buyers get into their first home.
This is not what our market needs at this time. First time home buyers are a segment of the market that are new due to the downturn and new opportunity. Why on earth would we look at stiffling that part of the market?
I am Jeanean Gendron and you can reach me at 530 276-7417. I answer my phone. Visit our websites to learn about Redding and Shasta County Real Estate.
I could not agree more Jeanean! I recommend that people call their call their congressman and express their concerns with this pork-barrel approach! You can't fix one problem and then cause several more!
FHA in combination with downpayment assistance programs is about the only thing that's actually "going" in my market right now when it comes to First Time Homebuyers. In fact, the available downpayment assistance is what gets many First Timers off that darn fence!