Seller Financed Down Payment Assistance Will Stop As Deadline Nears

MoneySeller financed down payment assistance will stop as deadline nears.  Home buyers looking for financial assistance after September 30, 2008 could be in for a surprise unless members of Congress create a new bill, the Federal Housing Administration’s Seller financed Down payment Reform and Risk-based Pricing Authorization Act (H.R. 6694).

If you would like to take advantage of the FHA-backed buyer assistance program, down payment assistance by the seller, purchase a home in Las Vegas real estate by August 31, 2008.

There is just a small amount of time for home buyers to become approved and closed for their purchase.

On July 30, President Bush signed H.R. 3221 which allows mortgage lenders to refinance home loans to reflect the current appraised values and for the first time home buyers $7,500 tax credit deadlines extended.  If the bill is continued Las Vegas residential real estate buyers will continue with financial assistance.

It will also eliminate programs like the DPA Nehemiah Program.

Nehemiah, the USA’s largest program which gives mortgage down payments to buyers.

Local builders are very concerned that the elimination of the down payment funds will further negatively impact the Las Vegas real estate market.  Some new home builders have sold nearly fifty percent of their inventory through the DPA program.  First time home buyers with good credit and without the initial funds to purchase will be stuck renting.

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Seller financed down payment assistance will stop as deadline nears.

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