The new Federal housing bill is expected to be signed into law very quickly in order to grant the Feds authority and the means to take over Fannie and Freddie. The President has already rescinded his earlier threat to veto and has now promised to sign it.
In the new bill, there is a provision to eliminate the FHA Seller Assisted Down Payment Programs (ADP) through Nehemiah and AmeriDream. The bill gives a stop date for the programs of October 1, 2008, however, lenders will be permitted to discontinue the ADP at their discretion anytime before October 1, 2008.
As a side note, NAR seems to be addressing more so the gifted down payments (which will continue- gifted from a family member) and bond money, which there is none of at the moment.
What this means for you:
If you or anyone you know have been considering making a purchase, and would like to take advantage of the FHA Seller Assisted Down Payment Programs, now would be the time to seriously start looking. Please give me a call or email if you would like to discuss this in further detail and see how this could work out to your benefit.
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