Housing “Bail Out” Bill Eliminates Seller Assisted Down Payment

With the new Housing Bail Out Bill signed into law, one of the provisions of the new bill removes the ability of a Seller to Assist a Buyer in purchasing a home buy contributing to the Buyers Down Payment or assistance in closing costs.  This is somewhat of a blow to many first time home buyers, especially in the Tampa Real Estate Market and with some of the Tampa Foreclosures.  Most buyers in these categories need some type of assistance to complete the transaction.

I am not sure why a condition like this actually made it into the Bill, but it did and now we all have to deal with it.  So if you are a first time home buyer, and you need some level of assistance to purchase a home, you have until October 1, 2008 to complete the transaction.  So if you were on the fence before, I suggest you jump off!

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~ by ToughGuy on August 3, 2008.

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