American Dream Downpayment Assistance Act

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On December 16, 2003, President George W. Bush signed into law the American Dream Downpayment Initiative, which was aimed at helping approximately "40,000 families a year" with their down payment and closing costs, and further strengthen America’s housing market. This legislation complemented the President's "aggressive housing agenda" announced in a speech he gave at the Department of Housing and Urban Development on June 18, 2002.[1]

This loan assistance program was discontinued in 2008.[2] However, other similar programs are still available. Down Payment Assistance programs are all different with certain requirements for each. State or local housing authorities, a non-profit organization, or lender usually set the requirements and conditions for the DPA program. Some programs require you or your loan officer to take a short course on Down Payment Assistance for first time home buyers.[3]

References[edit]

  1. ^ "HUD website President's remarks". Archived from the original on 2009-12-15. Retrieved 2010-02-06.
  2. ^ FHA: AmeriDream Loan Assistance Program Canceled in 2008
  3. ^ "Down Payment Assitance"

External links[edit]