Loan Modification

It?s a New Fiscal Year: Get Your Down Payment Assistance Now

By Gina Pogol

The HUD Web site links to home ownership assistance programs in every state. Some feature mortgage interest subsidies, others interest-free second mortgages for down payment assistance, and still others provide grants. But they all come from someone’s budget, and virtually every program runs out of money each year before all of those who needs help can get it. Which brings us to California. Down payment assistance in California has been dried up, state and local governments are strapped, and more folks than ever need help.

But at the start of a new fiscal year, there is money! That’s why everyone who wants a USDA loan (that program ran dry back in May) should get their applications together over the next couple of months because the federal government starts its fiscal year in October. California’s fiscal year began on July 1. But there is still no state budget. Rest assured that there will be less money available this year, so contact your local home buying assistance resources now.

What about your state? All states but four start new fiscal years on July 1. Texas starts its on August 1. Michigan and Alabama start theirs on October 1. And New York begins its fiscal year on April 1st. Which was probably someone’s idea of a joke.

Full post as published by FHA Mortgage Guide on July 05, 2010 (boomark / email).