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Non-Profit Group Says Home Down Payment Assistance Still Available
As of October 2008, the federal government passed a bill eliminating down payment assistance for home buyers. That means those who wish to buy a home must pay the down payment themselves. At the time that bill passed, the federally mandated down payment amount was 3 percent of a home's cost. Since the start of this year, that amount is increased to 3.5 percent.

That's why AmeriDream national account manager Peter Ereg says it's so important for Congress to pass legislation that will reinstate down payment assistance from non-profit groups such as AmeriDream.

U.S. Rep. John Shimkus (R-Collinsville) co-sponsored the legislation, which died after it failed to pass in the previous Congress. A Shimkus spokesman says the bill will likely be introduced, but it's too early to say when that will happen. Ereg says AmeriDream is urging U.S. Sen. Dick Durbin (D-Ill.) to introduce a similar bill in the Senate.

In addition to helping average home buyers with their down payments, H.R. 6694 would also help those with bad credit. The resolution aims to introduce what's known as "risk-based pricing," where customers with a credit score between 620 and 679 can receive assistance, but they'll have to pay a higher premium.

(Illinois Radio Network)
01 17 09 by Newsroom
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