We just don’t see the problem with the NHF program and wonder why the Fed’s continue to frown upon down payment assistance that makes way more sense than anything they have to offer.
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Sir, that is a myth. I administered down payment funds for 15 years including during the mortgage crisis and the homeowners in my city who received assistance were less likely to lose their homes for the reason you state. In order to receive the funds they have to go through a certified face to face homebuyer education class (8hr) and one on one counseling. While the general population were losing their homes mostly due to the bubble and sub prime and predatory lending practices, our homebuyers must also receive prime mortgages and must actually show they can make mortgage payments. Yes we lost a few because of the recession which caused job loss, but less than 1% was due to “not having skin in the game”. I’m tired of working poor being blamed, we all know it was greed from all sides. Starting with Wall Street and endinding with realtors who wanted the sale at at any cost to anyone!!!!!!
Average home price in the city of Santa Ana is about $475,000. Anaheim is a much higher priced city.