Friends and Family, I am urging you to consider the demise of down payment assistance programs which will make it very difficult for new home buyers to own. Currently the down payment assistance programs will be eliminated on October 1st, 2008. This means that if you have not made an offer on a home and received approval for funding from your lender, you will lose the opportunity to purchase a home with nothing down.
Imagine you’re a first time home buyer with no money. You’re paying $1100 every month for rent, and you make your payments on time, all the time, but you have nothing in the bank with which to purchase a home. You know that renting is a waste of money and that you’re spending to make someone else wealthy but you just don’t know what to do.
Down payment assistance is your only hope. By purchasing a home that is approved for FHA Financing, which requires only 3% down, you can easily make an offer on a home with no money down by utilizing down payment assistance.
What is it?
It’s when you ask the seller to contribute a percentage of the sales price of your new home towards your down payment. The seller cannot legally contribute directly to your down payment, but they can make a donation to a non-profit organization which in turn can help you with your down payment.
It is still very possible for you to purchase a home with FHA insured financing, but you must move quickly and there couldn’t be a better time in history to purchase a home.
If you need help finding that perfect home, please call me (602) 312-3262 and we can get started before it’s too late.
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It’s undoubtedly problematic to have Downpayment Assistance “pulled off the shelf” (so-to-speak). But how about Gift Money as a viable alternative? Sure not every family will contribute towards the purchase of a new home, but for the one’s that do, Gift Money is an excellent source of downpayment!