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Downpayment Assistance Programs scheduled to end on October 1st |
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On July 30th President Bush signed H.R. 3221 Housing and Economic Recovery Act of 2008 into law. A portion of this bill will eliminate downpayment assistance (DPA) programs with FHA-insured loans. If you are thinking of buying a home but will need help with a down payment, it might be time to seriously consider getting into contract prior to to October 1st. You must be credit approved with a property by October 1st to still receive this assistance. FHA is also raising the down payment requirement from 3% to 3.5% starting Oct 1st .
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