Down Payment Assistance Done
With the recent signing into law of the Housing and Economic Recovery Act of 2008, as of October 1, 2008 seller contributions (interested third parties) to non-profit down payment assistance programs are finished. Nehemiah Corporation of America, the leading non-profit down payment assistance provider in America, estimates that in the next year alone approximately 300,000 families will be locked out from buying a home due to this provision in the bill. Of course this may change as new legislation is being introduced to revive this type program, but with congress on vacation for 5 weeks (damn I wish I could do that) no one knows if or when the program would be reinstated.
What does this mean to First Time Home Buyers in Greater Atlanta? If you are looking to purchase a home using a down payment assistance program you need to get busy NOW. You must find your home and get closed by September 30, 2008 or you run the risk of not being able to utilize this type program. Also the minimum down payment will be increasing from 3% to 3.5%.
I have heard rumors of another program that will assist first time buyers and as soon as I can confirm it I will post it here. See you soon.
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