As many have probably read, heard and encountered good ole FHA will be doing away with DPA (Down Payment Assistance) programs....well not entirely that is! While it is true that the cut off date is Oct. 1st for the current DPA program they are not doing away with it all together. FHA will still be allowing a DPA program to well qualified buyers. If you have a good credit score of 680 or better then you can still get the DPA.
So, what does this mean to you well qualified buyers? More selection to choose from! While most foreclosures have been getting snatched up almost as quickly as they hit the market by buyers looking to use the DPA program this new regulation is sure to slow down some of the buying trend for foreclosures which in turn will leave more inventory available for you!
Now is the time to buy without a doubt! It is the simple principal of stocks. BUY LOW and SELL HIGH! Well now is the time you can BUY LOW and when the market corrects itself which it is sure to do you can then SELL HIGH! So, if you are thinking of making a purchase I, and I am sure many others, highly recommend doing it now and letting that investment pile up for you in years to come!
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