Well I'm buying a new homes in manteca. The main reason it to take advantage of builder incentives that they are offering. The incentives are $10,000 free upgrades, $5,000 free for buying a home before models are built and 3% down payment from the seller assistance.
So everything sounds good and all. But there is a catch. Congress just passed a bill that would eliminate the down payment assistance from the seller. Here is the deal on this" a seller cannot give a buyer money directly, but it can come from a charitable organization though". But congress passed a bill that would stop these little non-charitable organization from existing now starting oct 1 2008.
So that blows now. I found out today that I was approved for a $350,000 loan but now I would have to find a way to pay for the $11,000 down payment since the house I want would not be complete by Oct. 1, 08 and the builder could not assist me with the 3% down payment.
But we found this other house which is already built but has 30 days till its finished. We could buy this house for the same price (price was just lowered $15,000) and get the 3% downpayment assistance from the seller. its a little bigger but not really what we want but would still take it.
So would you buy the house you don't really want cause of some reasons or just forget everything and wait for something else to come up?
ps: A new bill has been made to remove the other bill that took away the non-charitables organizations for down payment assistance. But who konws when this new bill will pass?
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