Gifts and grants will still be available, just not seller-funded ones.
Ask your loan officer about what programs are out there. You will be pleasantly surprised. However, the old days of having the Realtor raise the sales price by $3,000 so the seller can contribute $3k to Nehemiah for a buyer gift are over. So, builders are sellers, hence, none of that will be possible after 10/1.
These bond money programs come and go and have income restrictions.
Currently, FHA's 3.5% down is as good as it gets!!
The program also allows for 'real' gifts from family or charitable organizations. What you are hearing about going away are just the 'Seller Funded Down Payment Assistance' programs.
So, no, the builder cannot 'get around' the down payment issue.
The Downpayment Assistance Programs you are talking about are available through the end of September.
Have you spoken with a mortgage lender lately? A reputable local one. If not, why don't you meet with one and just see what they have to say about you buying a home. It is possible that you already qualify for one of the many packages currently available. If not, you and the representative can come up with a plan to get you ready to purchase.
Congratulations on the last 5 years!
I wish you much health, wealth and happiness in the next 5!
I HIGHLY recommend you sit with a referred professional. Third Party information is usually not accurate.
As for the last response - I could not disagree more.
In ten years, the average renter saves 5000 dollars. That same person, same income who owns a home in the same time, builds over 50,000 in equity in their home.
1995 to 2005 - average renter networth = 4500 average homeowner networth = $190,000
do the math. Good luck.