I called FHA's (Federal Housing Administration) resource center (1800-225-5342) this morning.
I had a client who is already pre-approved for $180,000 but she does not have the down payment. The kind lady told me that "it is being finalized but is not yet published."
If you are interested in this program here are some links that may be helpful:
Here are some excerpts:
"Q: I am in the process of buying a home. I expect to close the deal before December 1, 2009. Can I claim the first-time homebuyer credit now? That would allow me to use the refund for a down payment.
A: No. You may not claim the credit in anticipation of a purchase that has yet to happen. Until you have finalized the purchase of your home, which for most purchasers occurs at the time of the closing, you do not qualify for the credit. IRS news release 2009-27, First-Time Homebuyers Have Several Options to Maximize New Tax Credit, contains details for filing options if the home is purchased after April 15, 2009."
Hard to believe that the down-payment "assistance" beast is still alive...and by the gov't, no less.
This is one of the reasons the country is in the mess we're in. Buyers who were "assisted" with down payments have no financial skin in the game, and can easily default/walk away.
Couple that with "exotic voo-doo loans" to "buyers" that had no qualifications to "buy", and it compounds the mess.
The next bomb to drop will be the Alt/A Liars Loans. It's just starting, will run through 2012, and is bigger than the Sub-prime meltdown.
Until the RE industry comes clean, regains credibility, and steers people away from these toxic products, the free-fall will continue.