Anyone who planned on using the down payment assitance programs of AmeriDream, etc... had better move quick!
All FHA loans requiring the down payment assistance of a variety of programs better plan on closing prior to September 30th, 2008.
As of October 1st, no down payment assitance programs will qualify for FHA financing. All FHA financing down payment assistance will have to come in the form of a gift via an immediate family member. No matter when the contract was written, all offer must close before September 30th to qualify for the down payment assistance. NO EXCEPTIONS!!!
I have been working with a buyer that will immediately be disqualified if we aren't able to write a qualifying offer by this Friday, August 29th... disappointing to say the least.
If you require down payment assitance, don't delay... you will need to be under contract no later than Friday Sept. 29th to close on your property!
New Bill Introduced! I found this information on Nehemiah's website: A bill introduced by Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays on July 31, 2008, that would reinstate SF-DPA. If passed and signed into law, the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) will allow downpayment assistance to continue indefinitely. Looks like we maybe able to continue if this goes through.