This bill will make it even more difficult for 1st time buyers to purchase a home. This will defeat the growth that we’ve had in home sales the last two quarters. Does anyone in Washington have any idea the amount of jobs that are supported by just one home sale?

This would have a devastating impact on our housing market, which is currently being held together by first-time buyers entering the market. Overwhelmingly, and partly due to the tax credit which this is very much the opposite of, this contingent of home purchasers are the only ones doing anything right now. This bill would effectively eliminate the majority of them right off the bat. Meaning the move-up market can’t move, and the market over that one can’t move, etc.

I believe the purpose of this bill is to reduce the risk for FHA. This bill may actually be counter productive to this cause as what separates FHA from standard Conventional loans is primarily the reduced downpayment and financing of closing costs. By eliminating these, borrower’s have little reason for using FHA and would simply do conventional loans that currently are going for a lower rate than FHA. Couple this with the fact that it will HURT our economic recovery, I strongly oppose this bill and encourage you to contact your representatives to speak your mind.

As a hopefully soon-to-be new home buyer, this would completely devestate me. It would make the downpayment needed unreachable and would therefore make the 8,000 stimulus money useless to me. For so many homebuyers like myself, the monthly mortgage payment isn’t the issue (it would actually be less than what I’m paying in rent right now), it’s coming up with thousands of dollars for a downpayment. Please don’t pass this!

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