Buyers That Need FHA Loans With Sellers Help Must Act QUICK!
August 19th, 2008 categories: Real Estate News
If you are a buyer needing SELLER PAID down payment…. You better act quick!!!
The recently passed Housing and Economic Recovery Act of 2008 is ELIMINATING this program for buyers all together through programs like Nehemiah, AmeriDream, etc… You can still receive help from family members but NOT from Sellers.
Many lenders have already stopped offering this program. There are a few left like Bank of America that are still offering it with contracts that they receive UP TO September 5th and settle by October 1st, 2008.
If you need some great lenders to consider check out my vendor list.
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Thanks for the post.
I was actually talking to my sister about this today. I wasn’t sure if it was national or not.
In a way, it sucks they are doing a way seller’s being able gift funds. Yet, that down payment requirement is there for a reason. And obviously the housing market has gotten really mucked up with “helping” would be homeowners buy a home.
Congrats on the new listing BTW!
Walt Dowdy
The Wilmington Search