Down Payment Assistance has been a big part of FHA Mortgage Loans for the last 10+ years for First Time Home Buyers. In October 2008 Congress eliminated the Down Payment Assistance Program eligibility for FHA Home Buyers.
Good News for First Time Home Buyers!
Rep. Al Green of AL will be introducing HR-600 on 1-21-09 to save and reform Down Payment Assistance for FHA Mortgage Loan eligibility.
Without using any government funds, Down Payment Assistance has helped more than 1,000,000 families buy a home with an FHA Mortgage Loan. These fundings have had a net impact of $24 Billion in spending and economic growth.
Down Payment Assistance needs your help. Go to supporthomeownership.org and tell your Congressman to support HR-600.
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Paul,
Thanks for bringing this up. I just completed my letter to my elected officials. I believe this is a vital piece to restarting the real estate market. Have a great week.