Lending changes

I mentioned in one of my previous posts (Down Payment Assistance Programs – are they at an end?)  that Down Payment Assistance was ending as of October 1st.  That is a federal guideline. 

Many of the lenders, knowing this rule was coming into effect, adjusted their guidelines early.  Several lenders no longer accept the Down Payment Assistance loans at all.

If you require down payment assistance and are looking to purchase a home.  You better do it quick.  Most of the lenders require you to be in contract and have your loan locked by the end of August. 

 

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