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Earlier this week, President Bush signed into law the latest in a series of housing bailout plans. One of the more controversial features of the new law was the outlawing of Down payment Assistance Programs. These programs allowed people to buy a home without having to make a cash down payment- of any sort, like ZERO. The new law will make these “NA” beginning October 1st.
That will only leave VA and Rural Development loans that afford 100% financing opportunities for home buyers. So, if 100% financing is what you need, and you’re not a veteran- NOW would be the time to get serious about buying that home you’ve been sitting on the fence thinking about. Tomorrow we flip another page of the calendar- and that’ll leave just 60 days till October 1…
You know, I was talking to a couple people the other day, sharing thoughts on what this latest housing bailout would do for folks on Main Street versus those on Wall Street, I have heard some people say, “I’ll bet business is slow.” And yes, in a way it is- with home sales down something’ like 28% from a year ago, it’s true that fewer transactions are going’ down. But, on the other hand, the hordes of people who got into the real estate and mortgage biz’ the past ten years have largely departed, or are in the final stages of packing’ their bags.
I mean, 3-4 years ago consumers didn’t need a whole lot of assistance to buy or finance a home. But now, with prices slumping, many neighborhoods suspect, and mortgage financing tough to get- well, experience does matter… and matters a lot.
Navigating the rough waters of the current marketplace without experience on your side is a certain recipe for disaster. No doubt. So, make certain that you don’t you get caught unprepared.
Kirt Eure
What Do Others Have To Say!
The Housing Rescue Bill — and What It Means to You, Part 1 of 2 .
No More Downpayment Help from Sellers.
New Seminole County SHIP down Payment Assistance Guidelines are out
