Ameridream, Dead- Now what?

Question

My loan officer told me today that Bank of America is no longer accepting ameridream as today beacuse of the law changes On Oct 1st. I'm in phoenix. What other first time buyer programs are there? that may pay down payment. I'm putting in an offer tomorrow for a townhouse.

Answer 1

there are no more programs that will pay your down payment - the govt wants you to have to put something into it

I'd be careful putting in an offer or you may lose your earnest money unless the offer is contingent on your obtaining a loan

Answer 2

If you put in an offer, make sure you add a contingency that includes successful financing within a certain number of days (maybe 45 - 60 days).  If your financing falls through because of this change, you dont want to lose your deposit money.

As far as the rest of your question re:downpayment help, I would seek the assistance of the department of housing for Phoenix.