The down payment assistance program is set to end October 1st, 2008. This will mean the seller can no longer offer to pay the 3% down for you in an FHA loan. The funds will need to come out of your pocket.
Another change to be concerned about is the 3% minimum down payment is increasing to 3.5%. Another reason why if you are looking to buy a home and use the down payment assistance programs available, you better take action now. It is ending.
As with any bill there is always some positive and negative factors one can see. One of the positives is first time home buyers will receive a tax credit of up to $7500. Don't get too excited over there because it will be paid back over a specified period of time, interest free, but paid back none the less.
There are several other changes coming and if you would like to know all about them, call us today or go to our website County Properties.