Got a call yesterday from one of my contacts at the bank. She tells me that the Bond Money used for down payment assistance here is going on moratorium, "6-8 weeks". Since I have 2 sets of buyers working with this program she wanted me to know ASAP. Apparently they feel there may be some changes coming down due to the bailout monies. Whether the program will improve or not she could not tell me. What it does now however is put my buyers in jeopardy of not being able to buy home as soon as they wanted. Both sets had very much looked forward to having new homes within a few weeks.
If you or your buyers are in the process of buying a home with Bond Money or any other kind of assistance you ay want to call your lender to get an update. If anyone out there has any additional information please send it along to me....
I am a native Michigander. The last 35 years we moved frequently & have lived in several states. Having had to look for homes in many areas, I became interested in residential real estate as a career.
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