Did I say hosing?
Tucked away in the recesses of the housing rescue bill which Bush is indicating he WILL be signing, (passed through congress today) is the elimination of the Nehemiah and AmeriDream program, you know the one, its used by approx 1/3 rd of the FHA buyers. And heck whilst they were at it they thought it would be a good idea to raise the minimum down payment for FHA from 3% to 3.5%.
First time home buyers will be rewarded with up to $7,500 in tax refunds which im sure we are all looking forward to helping with.
Call me stupid, but aren't we supposed to be stimulating the economy?
I haven't noticed any rewards for the homeowners who have hung on whilst property values have been pulled down by the repos.
FHA was intitated to help the first time home buyer, it worked very well.
I understand the elimination of the non-profit down-payment assistance programs comes into effect almost immediately wiith the date of October being a deadline. it will be interesting to see the last application date for the program. However, this only applies to FHA.
A prediction... as the rush and panic sets in, a major institution will miraculously appear like the second coming and save the day with a new and improved program. After all it is estimated over 320,000 people have used this excellent service and thats a heck of a lot of service fees.
Chris Giddings
nevadahotproperties.com shortsalesbychris.com
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