Just emailed Barry again myself. It is not like him not to return a call or email me back. When I emailed him I got an auto responder that he was out of town. He just got back a day ago, so I will give him some time to catch his breath. about 70% of all my FHA loans are used in conjunction with Ameridream. This is huge. 1st time homebuyers are the biggest group out there buying. This would stink if HUD got their way. I have a feeling that congress will get involved on this.

I would love to be wrong on this matter and I would love to post a correction. I feel that as it stands, this will have a negative effect that will ripple through the market making it harder for the economy as a whole to restore. I also hope that there is some brainstorming by those in the know on how we can continue to help first time buyers get into homes. I hate to see a good program go away because of the few that are abusive. I look forward to hearing from Barry and others on the topic.

Thanks for the subscription.

After reading your reply, all I have to say is that I hope you are wrong on this. Its looks to be accurate. I did forward your post to Barry Antle with Ameridream. Barry is the local account executive for Ameridream here in Arizona. If any can gives us a straight answer it would be him. I did ask for him to comment on your post and fill us in further.

PS. Just subscribed to your blog. Good Stuff.

Thanks for pointing out that this isn’t a reality only a possibility. You are correct and I failed to give additional background in my rant on the topic. Yes, HUD has been trying to do away with the DPA’s, the latest court ruling was in favor of the DPA’s only on the basis of procedure, the judge in his ruling said the HUD was good to cancel the programs, but failed to follow their own procedure in doing away with them.

Now HUD is following their procedures (asking for public feedback) and that period is scheduled to end around 8/16/2008, at which time, HUD can cancel the program.

Here is the link to the HUD document: http://edocket.access.gpo.gov/2008/pdf/08-1356.pdf

I just read your blog, and I hope you have not been given incorrect information on Down Payment Assistance (DPA’s). I have been financing borrowers using DPA’s for over 3 years now using FHA as the loan program and Ameridream as the DPA. I just visited Ameridreams website and it has NO mention what so ever about DPA’s being shut down. I am not sure how familiar you are with DPA’s but Ameridream and Nehemiah have been in numerous court battles with HUD and have won all cases. There is talk that they MIGHT do away with them but it is not a for SURE THING. I will re-check with my source directly with Ameridream tomorrow. Please visit Ameridreams information or Nehemiahs information for the facts.

I 100% agree with you on the position that these programs are extremely beneficial.