The clock is ticking down on the controversial practice of sellers providing homebuyers downpayment assistance. The new law prohibits the federal housing administration from insuring loans made with seller-funded downpayment assistance, which is a ban of the practice since fha guarantees are needed for most loans made to low and moderate income borrowers.
According to the ?fact vs myth? list, many of the arguments against downpayment assistance aren?t valid. For example, it contends that fha users who purchase homes with downpayment assistance through a non-profit ?have a 94% rate of successful homeownership. You may be surprised at how flexible sellers are in the current market and how many programs there are that provide downpayment assistance to applicants for fha financing to purchase florida homes, condos, and townhouses.
Although the fha loan does not have a zero down mortgage option yet, you will find that your 1st continental mortgage loan officer can point you to many downpayment assistance programs that work well with florida fha home loans. There are many financing options & programs for 1st time home buyers including lower interest rates, downpayment assistance or cash back at closing. The building equity & growth in neighborhoods (begin) program offers downpayment assistance with varying loan amounts in specific developments for low to moderate income first time buyers of san jose homes for sale. Some borrowers got around downpayment requirements by using seller-funded downpayment assistance programs (dpa), in which a seller gives money to a charitable organizations that then give the money to them. The goal was to provide a maximum downpayment assistance grant of either $10,000 or six percent of the purchase price of the home, whichever was greater.