Downpayment Assistance Works
DPA programs assist working-class Americans who can afford monthly mortgage payments but need help with the initial downpayment on their homes. Since 1997, downpayment assistance has helped more than one million families realize the dream of homeownership. Act now to reform and restore a vital program that brought the American dream into reach for tens of thousands of families each month.
FHA loans originated in conjunction with DPA are not sub-prime.
They allow hard-working, credit-worthy American families who can afford their monthly mortgage payments the opportunity to purchase homes. All homebuyers must qualify for FHA loans.
Almost all DPA-assisted Americans are successful homeowners.
According to United States Government Accountability Office (GAO) research, more than nine out of ten Americans who purchased their homes with DPA are succeeding in meeting their payments.
Homes purchased with DPA drive wealth and tax generation.
Between 1997 and 2005, $12.3 billion has been generated in taxes for state and local governments just through the purchases of 150,000 new homes—and this number represents less than one-sixth the total number of DPA-assisted home purchases.
Zero tax dollars are used to fund DPA programs.
My husband and I have been so excited about building our new house. We
are hard-working, middle-class citizens. We qualified for DPA, but our
house will not be ready until mid to late October. We are now watching our hopes and dreams go up in smoke. What was promised to us when we financed in May is not being ripped away from us.
more »
