Okay before we all get to crazy here things are not all that bad.
The DAP's are soon to be history. You can try to get one by now, but you could get caught by the deadlines.
In all likelihood there will continue to be assistance programs from state and county agencies.
But the new premise is that if people want to buy a home, first;
They will have to save some $$$$$.
Problem is that for many they have forgotten how to do this!
How much you may ask?
FHA wants the buyer to have 3.5% of their own funds invested in the transaction. Yes this can be a family effort as gift funds are acceptable.
Think about this:
If you want to buy a $100,000 home you will need $3500, as the seller should be able to cover the rest of your costs.
If the rent on the same home would be $900 a month and you needed first $900, last $900, and a deposit $400, then you would need $2200.
The difference is less than a months wages if you actually qualify for the loan to buy the house.
When you look at it this way it just doesn't seem like such a big deal!
The free ride is gone, welcome to the new improved FHA.
By the way it looks alot like the old traditional FHA, and that worked just fine!