If you were planning to apply for the seller funded downpayment assistance program through Ameridream, please be advised that this program will soon be coming to an end on October 1, 2008. There is speculation that this program is being eliminated by Congress because the foreclosure rate by those who participated in this program was higher than other groups.
Per the Ameridream website here is some background information on its Down Payment Assistance Program. Charitable down payment assistance funded in part with seller participation has allowed homeownership to grow without using taxpayer dollars. To date, more than one million families and individuals have utilized this down payment assistance, generating nearly $10 billion in home equity for those families. These working families qualify for FHA insured loans in every respect, but are unable to save the needed down payment. Please visit http://www.supporthomeownership.com to let your voice be heard to Congress to save this program.
The city of Cincinnati’s downpayment assistance programs are not affected by this change.
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It is important to note that Nehemiah down payment assistance really doesn’t end October 1. Borrowers that are credit approved before October 1, 2008 are eligible to receive DPA and their loans will be insured by FHA.
You can save gift down payment assistance. Write Your Elected Officials.
Please take a minute to submit your comment regarding the urgent need to pass H.R. 6694 http://www.getdownpayment.com/pdfs/hr6694.pdf that allows for downpayment assistance to continue indefinitely.
There is also a bill that is trying to be passed so that down payment assistance can continue indefinatly. Please visit http://www.dpagroundswell.org to voice your opinion and write your congress members. The more we speak up the more we will be heard.
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I think you might be interested in the article about FHA Loans and the $8000 tax credit.
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