Down payment assistance ending for some home buyersBy CHRIS CASQUEJO, WSBT-TV Reporter
(WSBT file photo) SOUTH BEND — A big piece of the federal mortgage loan program is ending in October, and it could affect home buyers who need help the most. Multimedia Related Content
The mortgage crisis has many would-be home buyers taking advantage of the Federal Home Administration loans, which require a down payment of only 3 percent. Beginning in October, sellers will not be able to help with that down payment. "There's been a push to get all the loans closed," said mortgage broker John Dunbar. He is taking a wait-and-see attitude. The changes mean someone buying a $90,000 home has to come up with $2,700 down. "I think many of the consumers probably can go to family members to obtain gift funds. They just haven't done that,” Dunbar added. Joseph Zielinski, a foreclosure attorney, believes the new lending rules are just one small piece of solving the mortgage mess. "It doesn't do anything to address or necessarily help a lot of the individuals out there that can't make their mortgage," he said. Another change is coming for home buyers who qualify for FHA loans. In January, the requirement for a down payment on those loans goes up to 3.5 percent. Most PopularMore Good Stuff |
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