Down Payment Assistance: Can It Bring Home Sales Back?
Here is an article about trying to bring back down payment assistant programs. I would agree that this would help to spur sales but many forget the high default rate that these programs had. Down payment assistance is where the seller gives a portion of money to a non-profit organization for a small fee and afterwards the money is given to the buyer to help with the down payment. It can result in no money out of pocket on a purchase. This program is typically used with an FHA loan.