There is... One more month for purchasing with 0 Down FHA loans.

FHA is allowing until the end of September for accepted contracts with appraisal and underwritten approval to be allowed under the Down Payment Assistance through the Seller.

However... there is a provision not being discussed that allows the home buyer to still have Down Payment Assistance through a family member.  And the Government is willing to pay this loan back.

The IRS will be coming up with the money at tax time in January 09, to pay the Down Payment back to the family member, who actually is allowed to borrow the funds for the buyer's down payment.

And when you figure that now, the 6% Seller Contribution (that used to create the 0 Down can now create a BELOW MARKET FIXED RATE, possibly in the high 5%s, you have the potential to have $100 lower monthly payments on a typical FHA loan.

Amazing what the Government can do with numbers!

Andrew Schmidt - Nations Home Funding, Inc. BK0905991

Contact me at acschmidt4@aol.com for more information