The Bush Administration’s proposed budget for fiscal year 2006 includes $28.5 billion for programs administered through the Department of Housing and Urban Development. The HUD budget allocation signals a continued commitment to increasing record home ownership in America and ending the most chronic forms of homelessness. The 2006 Budget provides $200 million to fully fund the American Dream Down Payment Initiative. ADDI helps first-time homebuyers with the biggest obstacles to home ownership (down payment and closing costs). Since this initiative became law, ADDI has helped more than 3,500 families to purchase their first home. The Bush Administration is also proposing a zero down payment mortgage option in the Federal Housing Administration (FHA) that would allow first-time buyers with a strong credit record to finance 100 percent of their home purchase including closing costs. We’ll see if that one makes it through the congressional labyrinth. MS Las Vegas Real Estate will be watching this process as it unfolds.

This entry was posted by Michelle Sterling on Tuesday, February 8th, 2005 at 7:21 am and is filed under Business & The Economy, General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.