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Home Buyers on Hold!

Wed, 05/12/2010 - 14:34 by Donald W. LaPlume Jr.

Good afternoon All,

 

First time home buyers have been all over the market. Many with their 1st homes under contract but now on hold. One of the best 1st time home buyer mortgage programs is the USDA Rural Development Program. However, the program has run out of funding. Now before you say, "I don't want the government to spend any more money!" Know that I am with you. That is why I am so excited about Senate Bill 3266. This bill changes the funding fee for this loan, which is charged to the borrower, a fee of 3.5% which is financed into the loan amount. This allows the program to finally be self-sufficient which means it will not need additional funds from our us the taxpayers. In addition, this rise in funding fee, since it is rolled into a 30 year Fixed rate mortgage, only changes the buyers monthly payments by a few dollars.

So the buyer, who uses and benefits from the program covers the cost of the program. Sounds logical.

 

All that said, we need to get this passed in the Senate to help all the 1st time home buyers accross the fruited plains close on thier mortgages which are in progress right now.

 

Below is a letter that I wrote to my Senator. Short and sweet. Please do the same and lets help our housing market recover! (You may copy my letter if yo like just please insert your name)

 

Thank you all for your help in advance!!!

 

Don LaPlume

 

 

 

Dear Senator Shaheen,
 
I am writing to ask you if you would move forward S.3266 Rural Housing Preservation and Stabilization Act of 2010 sponsored by Michael Bennet, D-CO.
 
The House of Representatives took up their version of the bill H.R. 5017 and passed it in 16 minutes. As this is not a controversial bill.
 
The last actions on this bill in The Senate were on 4/26/2010, and it seems to not be a top priority.
 
This affects many people trying to buy their first home. The USDA Rural Development Single Family Guarantee Program is a fantastic loan for first time home buyers. Unfortunately the program is out of funds this week. Many new first time home buyer purchases will be on hold until the bill is passed. There is also an added benefit with bill S.3266 in that it will make the loan program guarantee self-sufficient for the future and so the tax payers will no longer need to be asked for additional funding. The USDA Guarantee Fee is financed into the loan already so raising that fee to make the program self-sufficient will barely change the monthly payments for the new home owners.
 
This is a great win win for everyone!
Please move S.3266 forward and please vote to pass this bill Senator Shaheen!
 
Thank you for your time and your support.
 
Sincerely,
Donald LaPlume Jr.

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