FHA down payment assistance programs were eliminated back in 2008. This was a shock to many who were really hoping to take advantage of these programs and to me as well. I had hopes of seeing some families get to take advantage of this, but there were some reasons why it happened.
FHA is seeking to bring it back, but there is no word for sure on whether or not that is going to happen. These programs being terminated brought losses in excess of $14 billion for FHA. U.S. Representative, Al Green, a Texas Democrat, wanted to see the FHA down payment assistance programs reignited through donations from non-profit organizations. These FHA down payment assistance programs would be funded by 3% for those who are considered low income buyers.
Whether or not this will work, there is no way to know for sure, but lawmakers wanted to halt the FHA down payment assistance programs because they felt it would encourage default. It seems that the government can’t strike a balance and that no matter what the arguments will go back and forth until someone gives up.
I would like to see FHA down payment assistance programs return, but unfortunately I don’t get a say in how this happens. All we can do is wait and see what tomorrow holds for us. Until next time, much success to you and your family. For more information on the current FHA guidelines, please visit my website, www.fhaloansnow.net.
-Mayer Dallal
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