The financial industry is in a flux, each day there seems to be changes in guidelines, new rules, and other issues to make finding a home loan more difficult. The latest from one of my lender consultants is this:
FHA Seller Down Payment Assistance ENDS soon. If you have cash-strapped buyers who've been "waiting" for the bottom of the real estate market, the time is now! I'd be happy to speak with you or your buyers to educate them about their options, but this program was eliminated by the legislation passed this week. I have seen several marketing pieces from the DPA programs suggesting that new legislation will be passed to restore DPA--do not be mislead by these solicitations, the same legislators that introduced, ran and passed the bill to eliminate the program are the ones who introduced the new bill to restore it!
I agree, if you are home buyer who is "sitting on the fence" waiting to purchase, now is a good time to reconsider your options. The Denver metro market has been seeing strength in values, days on market and a lessening of inventory every month since April 2008. This might mean we "hit bottom" in April. Time will tell, but the longer one waits the more likely they will be buying on the "upswing."
First time buyers who are counting on receiving Seller Downpayment Assistance...Act now! If you have questions about the Denver real estate market, home financing or real estate in general, please call me.
I welcome your call!