Bring Back The Down Payment Assistant Programs!

Real Estate Agent with Haverford Homes

Any updates on reversing the bill? The new legislation needs to bring these programs back! Anyone hear anything new on this issue??


Elimination of Non Profit Down Payment Assistance
On July 30, 2008, President Bush signed H.R. 3221 - Housing and Economic Recovery Act of 2008. Section 2113 of the bill prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes are effective October 1, 2008.

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