Unequivacallly YES!!! Two weeks ago Bush signed legislation which killed downpayment assistant programs (for now). As of October 1, these disappear. These are non profit organizations such as Ameridream and Nehemiah that are designed to help home buyers put a downpayment down on the purchase of a home. See when you buy a home, a home buyer needs to be able to produce a downpayment of 3-5% of the purchase price. In these days of high gas and food prices, it is hard for many people to save. Many times these people have very good credit but due to the aforementioned, cannot save enough for a downpayment. This does not mean they are a risk. So these programs are provided for people who can qualify for a stable FHA or Conventional loan.
With these gone, home buyers will either have to borrow money from a relative or save. Until salaries increase to keep with inflation, that will be difficult for millions of Americans. House prices are at record lows. If you have good credit and have been waiting to buy, NOW IS THE TIME!
Feel free to call Todd Hillman, me, at DPR REALTY LLC--623-979-3002 to find out more and buy a home today.
