More information that you might need to know about "Housing and Economic Recovery Act of 2008″ and why you need to be buying your home now if you can. Weeks ago, I blogged about this and as a new buyer there is no time to waste for you to be out there looking at homes and nailing down your loan. Let's get busy! Call me to set up some listings to view. Below is an article by Brian Foxworth .
Lizette 859-979-2834
At 5:48 this evening I recieved an email that one of my Inveators was going to jump the gun. As of tomorrow, August 12 , 2008 they will no longer be purchasing any FHA loans with Down Payment Assistance.
As you have all heard the New Housing Bill, "Housing and Economic Recovery Act of 2008″ , called for the Elimination of Down Payment Assistance Programs -such as Nehemiah and AmeriDream that help thousands of buyers a year be able to purchase their first home - as of October 1st 2008. However, this one Investor (we have several we sell loans to) has decided to make it their policy to not accept Down Payment Assistance as of August 12, 2008 - even though a new bill has been presented to save the Down Payment Assistance Programs.
The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) was introduced by several members of Congress on Thursday, July 31, 2008. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored this bill that if passed and signed into law will allow downpayment assistance to continue indefinitely.
My hope is that my clients who have been taking their time to find the best home for their family do not miss the opportunity to own their own home due to other Investors and Banks following one Investor to eliminate Down Payment Assistance earlier than written into law before HR 6694 has been passed and signed into law. I'm not ussually a "Doom & Gloom" Loan Officer and I don't mean to sound like one now; however, all Buyers who need to use Down Payment Assistance to make the Down Payment on their home needs to Apply now before it's too late.
Here in South Carolina, their are Builders reducing their Asking Price 10-15% and knowledgable Buyers Agents are negotiating for even more Equity for their Clients. Now is the time to purchase your new home.
Don't wait - it might be too late...
Lizette, it will be interesting to see if they extend and/or expand this in 2009.
Thanks for the repost!