Vote For The Continuation Of Down Payment Assistance Programs
September 4th, 2008 categories: Buyers, opinion
Part of the new housing bill passed that goes in to effect October 1st is the removal of down payment assistance programs such as Nehemiah and Ameridream.
These programs have been very helpful for buyers who do not have the full 3%, soon to be 3.5%, down payment required by FHA loans. They allow the sellers of the property to contribute to the down payment required by the lender.
On October 1st this will no longer be allowed. Family members can still contribute to the required down payment, just not the sellers of the property. Sellers can however still continue to pay for the closing cost of the purchaser.
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