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Buying a home will become a little easier on the wallet for an estimated 40,000 families in the next year, thanks to the American Dream Downpayment Act. This federal government program was signed into law last December, allocating $200 million annually to be administrated by the Department of Housing and Urban Development. The funds will provide maximum down payment assistance of either $10,000 or six percent of the home's purchase price, whichever is greater.
The American Dream Downpayment Act is aimed at low-income buyers who find high down payments and closing costs a significant barrier to owning their own home. This and other new legislation are expected to contribute to meeting the Bush administration's goal of increasing minority homeownership by 5.5 million by the end of the decade.
Yet even more assistance may be just around the corner. Federal Housing Commissioner John C. Weicher recently announced a proposal for a "zero down payment" mortgage while speaking at the National Association of Home Builders' annual convention. As part of its Fiscal Year 2005 budget request, HUD would eliminate the statutory requirement for a minimum three percent down payment on FHA-insured single-family mortgages for first-time homebuyers. This new mortgage product is projected to generate approximately 150,000 buyers in the first year alone.
Such programs are welcome news to professional Buyer's Representatives throughout the country, who have long championed new initiatives for increasing homeownership. The addition of these programs to existing financing plans will offer prospective homebuyers an even wider array of options. However, they will also add to what many consumers see as the confusion of a very involved undertaking.
That's why the expertise of Accredited Buyer's Representatives (ABR) can be so helpful. As members of the Real Estate Buyer's Agent Council (REBAC), they have completed extensive training focused on providing the services and up-to-date knowledge that can help make the home buying process less intimidating and more successful.
An affiliate of the National Association of REALTORS, REBAC numbers over 44,000 members, all dedicated to superior buyer representation. To find an ABR in your area, and to request your free Homebuyer's Kit, call 800-648-6224 or visit: www.REBAC.net.
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