100% Financing is Almost Over (read this!)

These are the basics on what the Housing Bill (that was recently signed) by President Bush:  

As of October 1st:

seller assisted down payment assistance (Ameridream, Nehemiah etc) will be gone.

ALL TRANSACTIONS MUST BE CLOSED BY THE END OF SEPTEMBER

On October 1st, and after …

buyers on FHA loans will need to put a down payment of 3.5% towards the purchase.

IT is currently 3%.

Gift Funds (may) still be usable from family members.

As for the rescue piece of the bill, it does not appear like it will help as many people as initially thought.

The home has to be a Primary home

The current lender has to agree to forgive the difference between the

what is currently owed and 87% of the current value

There is a quite costly monthly mortgage insurance premium to be paid by

the home owner:

        - The home owner will have to split (50/50) all appreciation for 5 years.

        - Home owner can not have any 2nd mortgages for 5 years

There are 694 total pages to this Bill. We have just scratched the surface.

I will be sure to keep you updated as more information is digested.

In the meantime, please let me know how I can help you...