Thursday, 10th of July 2008 at 08:02:44 AMSometime ago I reported on the move by HUD to do away with the Down-Payment Assistant program (DPA). Today, Arizona Republic has finally written a story on the matter. I in no way disagree that loans that use this assistance is at higher risk and can logically make that assumption without any data. However, I also know that it has down a lot more good for those that needed it. Not everyone can save up for a down-payment to fulfill their dream of homeownership. It takes a lot of time to save up a 3% downpayment, often those that are moving up are using equity from their current home to make that down payment, not from making timely payments, but appreciation on their home purchase. My position is that we should keep DPA, but change the rules of who and how it works.
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