Downpayment Assistance?

[Frank Stills]

Is it true that you can no longer get downpayment assistance from a seller.  When my sister bought her house the seller paid her downpayment and closing costs.  One of my friends at work told me that you can't do that anymore.  Is this true?  I was thinking of buying a house while the market is down, and interest rates are low, but I don't have very much to put down.  Am I screwed?

[Don M. Carriker Jr]

Frank,
Don Carriker here from First Home Savings Bank in Springfield.  Your friends are right about most no down payment loans being discontinued.  As of Oct 1st, all seller funded down payment assistance programs have been cancelled due to the Housing and Economic Recovery Act approved by congress and signed by Pres. Bush in July of this year.  However, there are still some very good 100% loans out there, you just need to find the good lenders that can do them.  If you are a first time homebuyer, which really means you just haven't owned a house in the past 3 years, then you should really look into it now because rates are terrific and housing prices have never been better in the past few years!  You can follow my link from Springfield Homes Guide website and be in your new home before Christmas!
Don Carriker
First Home Savings Bank
For Every Move You Make Since 1911