I was under the impression that down payment assistance programs were gone now for FHA loans, but I came across several tonight. One through my state's finance authority (but I am confused as to if this is actually an FHA loan or not) and one from US Bank called the American Dream Mortgage.This is still allowed?
We're a single-income family of 4 and I make about 55k a year, so we're under the limits for both programs. But, why don't more people take advantage of the programs? Is there a catch? If you fit the income and credit guidelines, are there other criteria that can keep you from it? It just seems too good to be true...
