WIth the fact that the Seller Assisted Down Payment Assistance are going away Oct 1, 2008. What options do buyers have? Please post your information here and I will update this page for each progam given. I would prefer you give me the State or Organizations Site to be included in this list.
Here is a site that I found that lists most of the state programs. http://www.cc-bc.com/state_grants.html
OHIO - http://ohiohome.org/ - This is a first time buyers program that has a 3% Grant or 4% Loan option that buyers can use for Down Payment and/or Closing Costs.
The seller assisted down payment assistance programs are already gone with the lenders we have as of yesterday (but many were last month).
However, in Idaho, there are a few programs that can help with down payment.
--Idaho Housing & Finance Association offers two options: 1) a second mortgage essentially as long as you have at least a 660 score (called Good Credit Rewards); 2) there is a grant you can apply for through IHFA but the problem is you don't know until about the day it funds how much you're going to get!
--Another option is up to $40,000 from the City of Boise as long as you are purchasing within the city limits. This loan has payments deferred for 5 years, so it doesn't count against the DTI; however, there is a shared equity when you sell or refinance before 15 years (you could call it a prepayment) of 30% of any gained equity plus the payoff.
Any, Not that it is my business. If you have not already created a post that feeds over to Localism, you might with to post that information there. Instead of hearing all the voes, showing the options still available would create positive information.
Tim,
Please copy your post to the new Down Payment Assistance group started by Ron Withers at this link:
http://activerain.com/groups/DownPaymentAssistanceResources
He is trying to make it an all inclusive source for DPA info and your post would greatly help!
Thanks for the information!
Gerry Suarez, Jr.
Your HUD Loan Pro!
...and Amy, I'm sorry to correct you but the seller funded DPA's have NOT gone away yet. Per HUD's rule you have until 09/30/08 to receive final approval then you can can close after that. It's sad so many lenders have decided to speed up that time frame but not all have. We will be doing the SFDPA's until that time.
Gerry Suarez, Jr.
Your HUD Loan Pro!