Over the weekend federal legislators have passed some new reform programs for the FHA. As part of the FHA reform package they are eliminating Down Payment Assistance (DPA) for buyers paid for by the sellers to meet the 3% requirement (A.K.A.-Nehemiah or Ameridream).
We do not know all the facts yet, but we will have a very limited window to get this much needed down payment assistance to help clients purchase a home. The indication at this point is it will be available until about 10-1-08. They still will allow gift funds but they must come from relatives or parties from outside of the transaction. I am attaching a link for additional information.
We can still use the DPA programs now but wanted to encourage you to take this into consideration for the future. If you, your friends, or loved ones are sitting on the fence waiting for the bottom (we are at the bottom) now is the time to get them to jump in.
Interest rates have been rising recently and we still can get them into a great program and take advantage of the lowest mortgage rates. Everyone at No Hard Sale Realty, LLC is committed to providing outstanding service and support. Fast..Fair..Friendly...
For more information, please visit our site at http://www.nohardsalerealty.com/
We can throw stones, complain about them, stumble on them, climb over them, or build with them. --William Arthur Ward
