Eugeneloanguy's comments:

on Home Buying

Unfortunately, a little information can often be a problem. FHA will not allow the $8,000 to be used for the minimum down payment on a home. They will allow it to be used as additional down payment but only if it can be monetized, which is not happening in Oregon. I only know of three states where it can be.

This program allows people to close on a home and retain a cushion, as mentioned elsewhere, or do some minor remodeling, or buy appliances, all things that will help them as new home owners.

Is it a perfect program? probably not but as government programs go, it has worked out better than a lot of them. Will it be extended? I doubt it, so why wait if you can and want to buy a home.

posted 2 years, 7 months ago
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on Home Buying

Sarah, this is an excellent program for anyone thinking about buying right now. A big reminder though, the new home purchase must be complete by midnight November 30. That means that everything needs to be done and complete before then. Some lenders are taking up to 60 days to close, so it is important to make sure your lender can close on time and get your offer accepted as soon as possible.

posted 2 years, 7 months ago
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