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That's true. However HUD received a storm of rebuke for their attempt at banning downpayment assistance (which failed dismally). The Congressional Black Caucus, National Urban League, Congressional Black Caucus, and the United States Hispanic Chamber of Commerce all wrote scathing letters about HUD's attempt and gave NEHEMIAH their full support.

Reps. Miller, Waters, and Green wrote an opinion that stated If there are concerns with certain downpayment assistance providers, HUD should address these individual providers, and put the controls in place to weed out the bad actors, rather than completely eliminating a program that has successfully expanded homeownership opportunities for millions of families. This rule has generated strong opposition from Congress along with thousands of homeowners who have benefited from these programs, which HUD has disregarded. Downpayment assistance providers have given over 600,000 families the means to take a critical step in realizing the dream of owning a home.

And the U.S Conference of Mayors passed a resolution supporting private down payment assistance programs to try and deflect HUDs regulation.

There's substantially more support in favor of these plans than there is opposition.

With all of that said, I agree that putting 10%+ downpayment rules in place would be a good thing. My original point simply stated was that this is not something that will happen in the near future based on our current lending regulations.

posted 4 years, 10 months ago
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NEHEMIAH and many other down payment assistance programs like it for the most part are not 'scams'. Most are legitimate and highly regulated. (See HUD rule 24 CFR part 203) The NEHEMIAH program has provided privately funded downpayment assistance to thousands of peoplewith resonably good results. Columbia non profit provides down payment assistance in the form of grants and is govt sponsored. Neither of these plans are being 'looked into by congress'. Thought some clarification was in order.

posted 4 years, 10 months ago
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I'm a realtor in the area and can say with certainty that low or no downpayment loans are still available and relatively easy to get. FHA home loans cover 97% of purchase price and there are MANY plans such as NEHAMIAH or the down payment assistance plan from companies such as Columbia Non Profit that will get the balance for a buyer with no money. Then, it's a common industry practice to raise the offer price on a home to 'cover' the closing costs. None of these things will be going away, so if you believe that the market is going to a 10% or 20% down lending model, you're sadly mistaken.

posted 4 years, 10 months ago
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Teaching is one of the only professions that are not paid by performance. A teacher can perform with mediocrity and still receive pay equal or greater than their peers who are achieving results. Fair pay for good performance is a reality in much of corporate America and I see no reason why those systems couldn't be put in place for teacher pay as well.

With that said, teachers are severely underpaid for the education that they must have for their work. Someone holding an MBA can make 50-100% more to a teacher with an equal amount of learning. These people are responsible for our children for nearly half their day, every day for 12 or more years. They should be paid appropriately.

posted 5 years ago
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