A negative side effect of Hope for Home Owners act is that as of October 1st, interested parties in a real estate transaction are forbidden to contribute towards buyer’s down payment if the loan is backed by FHA. This includes the seller, buyer and seller’s agent and Escrow Company and the lender and down payment assistance companies like Nehemiah and AmeriDream as these entities charge a fee for their services. Down payments for FHA loans also go up from 3% to 3.5%.
Greater Las Vegas residential market conditions are favorable for purchasing homes under $250,000 and a good percentage of homes that have sold in the last couple of months are in this price range. However, some who buy in this price range could use some help toward down payment, but it will go away after Oct-1st.
Down payment assistance is replaced by a tax credit (really a tax loan) for $7500 for first time home buyers. This “tax credit” has to be repaid to the government.
The act’s elimination of down payment assistance programs has prompted the Congress to create a new bill, the Federal Housing Administration’s Seller-financed down payment Reform and Risk-based Pricing Authorization Act (H.R. 6694). If this bill passes, it will allow such programs to continue indefinitely.
If you are serious about buying a Las Vegas home or condo, make enough money to afford your home, but are short on the down payment and want a home for less than $300,000, call me now! Time is of the essence.
Related web-site links: Las Vegas homes, condominiums, land and commercial real estate,
Las Vegas, Nevada Homes and Condos for Sale, Short Sales, Foreclosures, HUD Homes and Fixer-uppers
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