There has been much concern as of late, among both buyers and sellers, with regards to the changes produced by the new Housing Bill that has passed in Congress and will go into effect in October of this year. This bill, intending to help the current real estate market conditions, may do just as much harm, by not allowing seller participation in down payment assistance and virtually eliminating government down payment assistance programs.
Apparently, someone in Congress has realized this glitch, which could cause more harm than the bill may repair in the market.
There may be hope on the horizon though, as Nehemiah has announced a new bill. This bill was introduced on July 31st of this year; The FHA Seller-Financial Down payment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694). If this bill is passed and signed into law, it would allow down payment assistance to continue indefinitely.
Home buyers and sellers should contact their representatives to voice their desire to have this bill passed.
Saturday, August 23, 2008
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