I received what turned out to be a sad call on Monday. Someone had read about zero-down financing on this blog and wanted to know if they could purchase a home under those conditions.
The answer, of course, is no thanks to Congress’ decision a couple of months ago to prohibit sellers from assisting buyers with their down payments through third party organizations such as Ameridream.
There has been a bill before Congress for more than a month that would resurrect those programs but nothing has been done. Not that there haven’t been other pressing matters, but it still strikes me that the opportunity to allow prospective buyers to purchase a home – especially when the odds are that home will be a foreclosed properties, given the recent buying trends (at least here in the Phoenix real estate market) would be a good thing.
Hopefully the bill eventually will pass and this avenue to home ownership will be opened once again. The need for buyers appears especially poignant as you watch the exchange rates and see the dollar gaining considerable strength against the Canadian dollar and the Euro. This should be a good sign, though it’s hard to tell if it’s actual strength or a case of falling less quickly.
Time will tell.
[tags]Phoenix real estate, ameridream[/tags]