The Door is Closed on Down Payment Assistance Programs.
The News Is In
It’s official. Bush signed the Housing Rescue and Foreclosure Prevention Act of 2008. Not a big surprise, but it does mean that we’ll (hopefully) be hearing more about how lenders will phase out down payment assistance.
My guess.. and it’s a guess, is that if you don’t close your home loan before October 1st, 2008; you’ll be ineligible.
Two Quick Comments
First, if you’re looking for updates on this bill, you won’t find them in this post (in the future). Just search (in the top right corner of this website) for ‘3221′ and you’ll see all of the posts on the site. Cool?
Second, there are plans to propose a bill bringing down payment assistance back. That will be news to watch in the future. They’d try to get things passed before the October 1st date ever even happens.
No Politics Here
I just want to say that I don’t care if you paint your face with red paint, blue paint or paint thinner (okay, that was a little uncalled for)… my point is, this bill will do a lot of good. Even though some people don’t agree with some parts of it.
I’m not an avid supporter or basher of anyone. I know good ideas when I see them and I know bad ideas when I see them. I’ll just leave it at that. No politics here.
That is really an unfortunate situation with the photo, isn’t it?
