FHA Home Loans are quickly becoming the best First Time Home Buyer Home Loan program available. FHA Mortgages offer low Mortgage Rates for home purchase or refinance. First Time Home Buyers can also take advantage of the $8000 First Time Home Buyer Tax Credit currently offered for anyone who hasn't owned a home for the past 3 years. If you currently have an FHA Home Loan, you can take advantage of the fast and easy FHA Streamline Refinance Loan to lower your payment today.

JULY 2008

THE END OF DOWN PAYMENT ASSISTANCE?

JULY, 2008

A new housing bill which is being touted as the legislation that will help stem the rate of foreclosures in the United States and help solve the housing crisis, may do away with an important FHA mainstay for the past couple decades.

Down Payment Assistance programs have helped millions of home buyers obtain the dream of home ownership by providing much needed down payment assistance help. FHA programs require a 3% cash investment by the home buyer which is nearly impossible for some working families.

Althought the new government legislation may help some home owners who need to refinance their existing mortgage, the legislation could dim the hopes of thousands of prospective home buyers if down payment assistance is abolished.

It is not yet clear exactly how this legislation will affect down payment assistance- if dpa will be completely eliminated or if "legitimate" programs will be allowed to continue to operate. One thing is for sure- with home sales on the decline for the past couple years, it's hard to see how decreasing the number of eligible buyers will help the current housing crisis.

Stay stuned for updates on this important bill. The legislation is expecting to become law as early as October 1st.

July 29, 2008 14:05

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