By: Dennis Norman
- Congressman Al Green (D-Texas)
In the past many investors that “flip” houses utilized a down-payment assistance plan as a means to help a buyer that was obtaining FHA financing purchase a home from them. This was accomplished through a not-for profit organization that would work with and counsel the buyer and then provide the buyer with a grant to be used as a down payment. The most well known of which was probably Nehemiah Corp. of America.
This came to an end on October 1, 2008 when FHA banned this type of down-payment assistance out of concern that programs like this were contributing to the problems in the real estate industry by allowing buyers to buy homes with little or no money down.
This week Congressman Al Green from Texas introduced a bill, H.R. 600, that would reinstate seller-funded down payment assistance. Scott Syphax, President and CEO of the Nehemiah Corp. of America said “with foreclosures on the rise and banks maintaining their stranglehold on credit, we commend Congressman Al Green for recognizing the important role down paymentassistance can play in the market’s recovery.”
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Riley,
Thank you for the nice comments….yes, I would say I’m passionate about this stuff….I have been in the real estate industry for 30 years and and find there is also something new to learn…..as for my writing skill..hmm…I’m not sure “skill” is accurate, but I’ll take the compliment….my favorite story on my writing ability is from back when I was president of a local Realtors Association and in the role was responsible for writing an article for the real estate section of the local paper each week….I received a comment from someone on my articles saying they were impressed with how I was able to write them in a manner that the ordinary person could read them and enjoy them….as if I was “throttling back” and bringing my writing down a level or two to the average guy…..I didn’t have the heart to tell the person that in fact that was my best writing and I used every big word I knew….
Have a great day,
Dennis
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Too Funny! You gotta love the way those search engines work! Anyway, welcome and thanks for the nice comment..
i hope to read more