You may have heard that the housing bill passed two weeks ago will end Downpayment Assistance Programs on September 30th, 2008. However, it's important that you know that recently, many government investors have begun proactively eliminating the program in advance of that deadline, like Chase. As one of the market lenders in the banking industry, they do set many trends which means other banks will follow suit. I have been given information from one of my lenders that the guidelines they have set for their bank is that all FHA loans that use Seller Paid Down Payment Assistance Programs must be closed and funded (disbursed) by Wednesday, September 10, 2008!!! Schedule your closing before this date to ensure funding! This means that if you do not have a ratified contract in hand by the end of next week in order for it to get to underwriting, you will narrow your chances of being able to take advantage of this program! There are some great deals out there and some willing sellers that want to participate in this program before it's too late. Seller participation of this program means you can stil purchase a home with little to no money down.
If you are a buyer, ask me how you can buy a house with little to no money down before this program ends. If you are a seller, ask me how you can take advantage of this to help expedite the sale of your home before this opportunity ends. TIME IS OF THE ESSENCE!