American Dream Downpayment Assistance Act

On December 16, 2003, President George W. Bush signed into law the American Dream Downpayment Initiative (Pub.L. 108–186 (text) (pdf)), 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
  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 Assistance"


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