Down Payment Assistance is back!!
Good news everybody; originally when the Senate passed the new FHA housing assistance bill they were going to discontinue the down payment assistance programs which currently helps over 3,000 families a month purchase a home. It looks as though they have had a change of heart and decided to keep this program in place.
U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable down payment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July 30, 2008.
Finally the Republicans and Democrats got together and got something done!! This is a happy day in politics. Now if only they can figure out how to lower gas prices!
The bill also includes language to ensure that FHA maintains its financial stability by permanently authorizing the Secretary to assess higher premiums to higher risk borrowers.
That’s it for now and as always I will keep you abreast as thing develop in this ever changing mortgage market.
Contact me directly at mgarnes@garnesmortgage.com
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