According to Inman News today, HR 6694, a bill in Congress right now that would craft a compromise to allow down payment assistance programs to continue, seems to be gaining momentum. It looks like they are considering FICO score guidelines in the compromise; the bill was presented after Congress passed HR 3221 on July 30, effectively discontinuing the programs as of October 1, 2008.
Downpayment assistance programs, including Nehemiah and Ameridream, allow home sellers to contribute funds toward the purchaser’s down payment, helping people who might otherwise not be able, to become homeowners.
I’ll be watching the progress on this closely; I’ve helped clients close on homes using these programs and feel that they can be very succesful and helpful for purchasers.
Posts that I have written regarding these programs in the past:
- Ameridream and Nehemiah Programs May Be Eliminated
- Nehemiah Program Explained
- Guest Author Scott Fournier on Nehemiah Down Payment Assistance Program
If you have any questions about these programs, or about homebuying in general, please email me at firstname.lastname@example.org or call me at 571-233-5491.