Ar_home_b_search
 
If you've been on the fence about whether or not to buy your first home, NOW is definitely the time--before October 1st!
The Mortgage Relief program recently passed by Congress goes into effect on that date and eliminates downpayment assistance programs. In fact, many mortgage lenders have already eliminated the option in anticipation for the October 1 deadline. After that date, the only assistance buyers will be able to get is through their family or friends in the form of gift funds.
Another perfect first time buyer option ends September 30th. Any HUD home purchased by an owner occupant buyer is eligible for $2,500 towards expenses and $100 downpayment options on most homes. Plus, the advantage of a HUD home over a bank-owned home is that your offer will be competing against other owner-occupants during the first week the property is on the market, rather than with investors who pay cash (which banks tend to prefer).

Whether for yourself or someone else you know thinking of taking the leap, the door is closing fast on these great opportunities.
 

4 Comments on First Time Homebuyer Alert, Part 1

AUG
17
2008

Great tips...although I suspect this industry, which is very enterprising and creative, will have other excellent programs down the road as well.  Thanks for the great info!
10:59pm • #1
227,171 Points Outside Blog

good information, it is not enough to just close by 10/01/2008, some lenders are making cut-off dates way earlier than that

Dave
11:03pm • #2
AUG
18
2008

Debra,

Thanks for the information. I wanted to bring to your attention a bill that brings back non-profit downpayment assistance. Please click on the link below that sums up the DPA issue and comments about DPA directly from HUD.

 http://supporthomeownership.com/news/default.aspx

 H.R.6694 saves DPA and provides reforms that HUD failed to do.  Time is running short.  What you can do to help.

1) Call your  local industry association and tell the association to support DPA by supporting HR 6694, a bill to re-authorize and reform DPA.

2) Visit www.AmeriDream.org and click the "Support HR 6694" button to submit your comments directly to your legislative leaders.  

3) Call Senate and House Members directly and tell them they need to, "Regulate, not eliminate DPA" by supporting legislation that keeps DPA alive.  Contact information for elected officials can be found at: http://takeaction.supporthomeownership.com/ahaa/dbq/officials/
Mark Stiles
9:41am • #3
1 Featured Post Localism Sponsor

Jason - Thanks for stopping by.

Dave - Yes, that's what I hear also. I think we're going to continue to see more tightening up.

Mark - Thanks for posting the links to the organization to save DPA programs. Hopefully, if we show enough support they will come back better.
8:10pm • #4

What does the graphic say?

Leave a response…

(optional)
What does the graphic say?
 

Debra Drummond | MichiganMoves Real Estate in SE Michigan

Plymouth, MI

More about me…

RE/MAX Gallery

Address: 15720 Farmington Road, Livonia, MI, 48154

Cell Phone: (248) 974-6210

Email Me

Comments, Observations, News & Views Impacting Michigan Real Estate



Links

Archives

RSS 2.0 Feed for this blog