JUNE 2008
Nehemiah Corporation of America Responds
to Re-Submission of HUD Rule Banning Private
Downpayment Assistance
The following statement was made on June 9, 2008 by Scott Syphax, President and CEO of Nehemiah Corporation of America, in response to HUD’s resubmission of a rule banning private downpayment assistance.
“It is astonishing that HUD has the temerity to resubmit its rule banning private down payment assistance, given that two district courts have thrown out the rule, downpayment assistance has received extremely strong bipartisan support in Congress and has been championed by a number of significant and influential consumer and policy groups including the US Conference of Mayors, National Urban League and Congressional Hispanic Caucus. It is clear that the priorities of Commissioner Montgomery do not lie with low to middle income families to whom he is sworn to serve.
At this time, it is critical that the consumer groups, policy makers, government and elected officials, real estate industry and those who serve first time homebuyers in this country stand up and fight this rule that will do serious damage to a particularly vulnerable group with little political capital at this crucial time.
Programs like Nehemiah’s are putting people in homes, generating wealth and strengthening communities. The government can not and should not be in the business of restricting access to homeownership. Montgomery’s proposed rule would shut down an enormously successful program and slam the door on hundreds of thousands of families and their opportunity for homeownership in this environment. Nehemiah and other supporters of downpayment assistance have fought and will continue to fight on behalf of those who are capable and deserving of becoming homeowners. We will not watch Commissioner Montgomery or HUD sever the only lifeline available to the low to moderate income families.”
Stay up-to-date on the latest information surrounding the downpayment assistance industry by visiting our Regulatory Updates section https://www.getdownpayment.com/updates/
The Nehemiah Program –
A Trusted
Name You Can Rely On
Nehemiah’s strong brand name recognition among industry professionals is due to the fact that we’ve dotted the I’s, crossed the T’s and done business the right way since the beginning to make certain that we’re here long term to continue to help more people become homeowners.
Why Choose Nehemiah?
Respected
Nehemiah is the nation’s oldest and largest provider of private downpayment assistance. Over 275,000 individuals and families have become homeowners.
Reliable
Nehemiah has unwavering financial strength to meet our funding obligations and charitable mission. The gift funds are at the closing table on time, every time!
Regulatory Compliant
Strict adherence to government regulations and unparalleled "best practices" ensure the integrity and quality of our commitment to you.
Risk Free
Nehemiah offers the nation’s only 200% Customer Satisfaction Guarantee. If for any reason you are not completely satisfied with your Nehemiah gift fund transaction, your next two processing fees are “on the house.”
The only choice for your downpayment assistance transactions is Nehemiah!
The Nehemiah Program Processing Fee
Nehemiah has built its reputation through our relentless commitment to providing affordable homeownership solutions to the public. Unfortunately, current economic conditions have had a dramatic impact on our costs of operation. Additionally, we incurred significant costs associated with our recent regulatory victory and the expenses related to educating the public and governmental officials regarding the facts about downpayment assistance. While we strive to hold costs down and have held the line for a long time, it is now necessary for us to temporarily increase our processing fee.
Please contact Customer Service at 1-877-634-3642 for more information on the processing fee for new construction and resale transactions.
100% Financing – Downpayment Assistance Sells Homes in Today’s Market!
Do you have clients who qualify for a mortgage but have simply been unable to save the required downpayment to make their purchase?
The Nehemiah Program® can help move your clients in to a home with zero cash out-of-pocket. Nehemiah provides gift funds up to 6% of the final contract sales price to be used toward downpayment and/or closing costs. To be eligible for our gift, all the purchaser needs to do is qualify for the appropriate loan product (typically FHA) and purchase a home from a “participating seller.” A participating seller is a seller that agrees at the time of negotiation to make a contribution to Nehemiah Corporation, a 501(c)(3) nonprofit, in an amount equal to the gift that we provide to the purchaser of their home, plus pay a nominal processing fee.
For more information, visit the Homebuyers page https://www.getdownpayment.com/buyers/index.asp
Since 1997, The Nehemiah Program has provided over $1 billion in downpayment assistance gifts, resulting in $32 billion in real estate transactions and has helped over 275,000 families and individuals achieve their dream of homeownership.
 The Nehemiah Program 424 North 7th Street, Suite 250 Sacramento, CA 95811 (877) 634-3642 © 2008 |
