Background
In April of 2007, I was laid off from my job as a mortgage loan auditor. My final position in a fifteen-year career in the mortgage industry. The changes in the industry over that period of time are evidenced by the current financial crisis we are facing in this country.
MyHomeDownPayment
During the past year and a half as I have worked on getting MyHomeDownPayment.com off the ground, I’ve often wondered if there would be a market for the site by the time it was truly up and running.
The answer is yes, more so now than ever before.
Creation of Affordable Housing Programs
Historically, when our economy has been in a recession or depression the government has responded with housing programs that allow citizens to continue the pursuit of homeownership.
FHA was created during the “Great Depression” of the 1930’s. The recession of the 1980’s introduced a program for purchasing HUD Homes for Sale inventory for $1.00. Home heating oil price increases in the 1970’s resulted in programs for the sale of abandoned buildings in urban areas to former tenants organized into associations and cooperatives. VA home loan programs were created as the result of another housing crisis after World War II.
My expectation is that the current crisis will be met with a large number of new government and private affordable housing initiatives, including low down payment and down payment assistance programs.
MyHomeDownPayment Niche
MyHomeDownPayment.com is the only resource on the web describing government – HUD, FHA, VA, Rural Development, Conventional – Fannie Mae and Freddie Mac, and ethical non-profit – Habitat for Humanity, low or zero down payment first mortgages and second mortgage down payment assistance grants and loans on one site.
Low-to-Moderate Income Families and Homeownership
There are enough programs in place to move thousands of low-to-moderate households from renting to owning their own homes.
Tasks involved in accomplishing homeownership for low-to-moderate income households include: educating families; encouraging real estate and mortgage professionals to learn and use the programs and process the additional paperwork required for these loans; and working with local government housing departments and local public housing authorities to encourage their participation in low or no down payment and down payment assistance programs.
An Invitation
This is a big job. MyHomeDownPayment.com is just one of many efforts in the affordable housing initiative. I believe that green, decent, and affordable housing is the right of all human beings. Working together, we can move single parents and their children, the working poor, young families, generations of urban and rural renters into their own homes.
I invite you to volunteer at a local community housing organization or shelter. Talk with your local government housing officials and public housing authorities about participation in down payment assistance programs. Now, is always the best time to get started.
Later this year, MyHomeDownPayment.com and 52 Weeks Home will issue a nationwide challenge to real estate and mortgage professionals to commit to closing one home purchase for a low-to-moderate income family in 2009.
For now, thanks for your support!
Yasmin Sabur
52weekshome