Looks like DPA programs are going by the wayside according to reports on recent FHA activity. But not to despair..it appears that the Nehemiah DPA program will still be available until March of 2008..plenty of time for buyers to take advantage. And rumor has it that FHA may come up with a 100% financing program??? If not, you can still buy a home with as little as 3% down. With seller concessions for closing costs ( a natural in this buyers market), you can buy a home for less money out of pocket.
It's a buyers market these days, and ever more so in South Florida. Great bargains abound if you have a savvy realtor and loan officer...good for investors and the first time homebuyer. Gone are the days of no income documentation loans- yes still available for borrowers with excellent credit and hefty downpayment..
If you are a first time homebuyer and have had stable employment for the last two years, you are in a great position to stop renting and enjoy the advantages of being a homeowner.
UPDATE: The Nehimiah down Payment Assistance Program is available until March 31, 2008.
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