Buyer’s!! Hurry…Down Payment Assistance is going Bye-Bye
July 26th, 2008 Categories: Uncategorized
Since the demise of the sub-prime lending market, the only realistic way of getting 100% financing has been through an FHA loan with down payment assistance from a 3rd party company like Genesis, Ameridream, or Nehemiah. Basically, the FHA requires 3% down payment, for those that don’t have 3% they could use one of the above programs to “gift” it to the buyer from the seller. Well….HUD has said that they will no longer allow one of the 3 party organizations “gift” this down payment. The buyer can still use “gift” proceeds from family members or other FHA qualified sources, but not Ameridream and others. This will go into effect on November 1, 2008 unless overturned before then.
Please see the link for related article from realtytimes:
http://realtytimes.com/rtpages/20071003_sellerassist.htm
It’s now July 26, 2008, go get a home now
No Comments yet »
RSS feed for comments on this post. TrackBack URI
