Downpayment Assistance Works
DPA programs assist working-class Americans who can afford monthly mortgage payments but need help with the initial downpayment on their homes. Since 1997, downpayment assistance has helped more than one million families realize the dream of homeownership. Act now to reform and restore a vital program that brought the American dream into reach for tens of thousands of families each month.
FHA loans originated in conjunction with DPA are not sub-prime.
They allow hard-working, credit-worthy American families who can afford their monthly mortgage payments the opportunity to purchase homes. All homebuyers must qualify for FHA loans.
Almost all DPA-assisted Americans are successful homeowners.
According to United States Government Accountability Office (GAO) research, more than nine out of ten Americans who purchased their homes with DPA are succeeding in meeting their payments.
Homes purchased with DPA drive wealth and tax generation.
Between 1997 and 2005, $12.3 billion has been generated in taxes for state and local governments just through the purchases of 150,000 new homes—and this number represents less than one-sixth the total number of DPA-assisted home purchases.
Zero tax dollars are used to fund DPA programs.
Ms Fulton is an African American. She lives in Baltimore City and was
buying a home in Baltimore City. She is a 39 year old single mom. She
makes too much to qualify for housing assistance, but was utilizing a seller
down payment assistance program to help with the down payment... She
makes $55,000 per year, but can't save enough money to buy a home with the
cost of kids and living today.
Unfortunately, her realtor and I had to meet with her yesterday morning
to inform her that the ratified contract that she received on her dream
home was not going to happen.
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