I have had a big surge of business in the past few weeks as people rush to try to close on a home before DPA goes away on October 1st. That has been great (for me) but not-so-great for the many buyers out there who could really benefit from a DPA program, particularly first time buyers. I am happy to report that it looks like their may be a ressurection of some sort of DPA in the near future! So if you were hoping to take advantage of such a program but were not able to get in under the October 1st deadline, don't despair! There may be hope yet!
Daily Briefing for September 17, 2008 From National Mortgage News.
The House Financial Services Committee has approved a bill that would allow nonprofit housing groups to continue to arrange downpayment assistance on Federal Housing Administration loans and give the FHA some latitude in pricing mortgage insurance premiums based on risk.
BILL H.R. 6694 passed committee hearing yesterday – on its way to the house floor for a final vote – could be this Friday. If approved, risk based pricing will be attached to new guidelines.
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