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, including low down payment FHA home loans.


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