Well, I think it stinks. We've had a couple of AmeriDream buyers and it's a wonderful program that helps a lot of people buy a home that couldn't otherwise. The folks we've worked with that used AmeriDream were some of the proudest homeowners I've known. They *always* made their payments on time.

Millionaries default on mortgages too.

I probably sound like a bleeding-heart liberal. Those that know me will tell you nothing could be further from the truth, but this is one program that works, and works well. At least from what I have seen...

Jay – You don’t have to be a bleeding heart liberal to know a good thing. There are compassionate conservatives as well. Unfortunately our government has built a welfare system that stops people from advancing and removing themselves from the welfare rolls and when they do have something that is beneficial, they want to scrap it. Home ownership is one of the things that have shown to be a fundamental contributor to the move from reliance to social contribution. To these people it is the difference in the future of their families. It goes a lot deeper than just the pride of ownership.  For some it is the first time in their life they feel a part of what America is supposed to be about. To their children, it means a new generation that will be productive citizens.

Programs such as this help bring dreams to reality for the unfortunate that may not have been dealt a fair hand but are only looking for a small boost to help them be all that they can be. HUD has a lot of others problems they need to address before this one comes to the top.

That is my opinion as a compassionate conservative. Good post Linda and I have sent my comments to HUD.

Many lenders will have 1st time homebuyer programs which just happens to be the target population for most of the DP assistance programs.  Some cities and states have programs too.  Check around with your lenders to see if they have anything.  Also ask them about Bond programs.

There are some other programs that may or may not be specifically for first timers such as Nehemiah and Genesis programs.

Good Luck!

I am working with a client now that has a Gateway Grant. You can learn more about by doing a search. This client will receive $49,500 as a down payment and never has to pay it back. Sounds pretty good to me.

Phil & Gayle

Are they looking at the recent 100% loans with no qual and an adjustable rate and lumping that in with programs like AmeriDream?  That is just stupid!  

Velda wrote: "There are some other programs that may or may not be specifically for first timers such as Nehemiah and Genesis programs."

Velda - Nehemiah was specifically mentioned in the article as possibly being banned. ANd yes, some citites and states have similar programs, but my concern is that if they are eliminated at the Fed level, the states and cities are sure to follow shortly behind.

Great comment Gary....

Here’s the problem: FHA requires a 3% down payment from the borrower. Why doesn’t HUD, with this amendment to abolish the DPA, agree to provide 100% financing on FHA loans. Hence, there would be no need to inflate the sales price to cover the 3% down payment. I always scratched my head over these DPA programs. I say that HUD should get rid of these programs and provide 100% financing. Problem solved.

Linda, thanks for posting this link. I just sent it to a couple of buyers who are in the process of trying to get approved for a state down payment assistance program. As Jay says, if this passes, state and city programs could be the next casualty. I'm in agreement that people that I've dealt with using these programs tend to take special pride in their homeownership.