Comment on HUDs Intention to End the Down Payments Assistance Program
The DPA program did not lead to the problems we have in our current housing market. This market is the result of loose lending guide lines that lead to an investor created market. The DPA program has been used only by low income working class families that have no other way to ever realize the dream of owning their own home. This program was used very little from 2003 through 2007 because most people were using 80/20 loans. With the market now back to more reasonable prices the low income families that were priced out of the market are now in a position to purchase a home. Without the DPA program many of these people will never have a chance to realize the dream of owning a home.
These also are buyers that are needed to help purchase the huge number of Lender owned houses that are available. These are numbers that must be absorbed before the mortgage and housing industry are again stable and healthy industries.
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Comments
FR-5087-N-04
