Last week the house of representatives passed a bill that will offer great benefits to the housing market. Just one problem, there is a part of it which will eliminate down payment assistance programs such as Nehemiah and Amer-dream. These programs allow for a seller to contribute 3% of the down payment.
The program has it's pluses and minuses. Pluses are buyers who don't have the 3% can purchase a home with little money down. Minuses, the buyer has no or little money down and has nothing to lose.
My personal opinion is that the programs should stay. The lending guidelines are much more strict than before the bubble burst. Also, How many first time buyer have the 3%? oh yeah, that's right they are spending on gas at $4 a gallon.
Either way the bill still has to pass through congress and the President has to sign off on it. If it does go through, buyers will have until (rumor) Oct 1, 2008 to use the down payment assistance and then no more.
To find out more you can go to Woodbury Realtors Dale Frisch
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