D.R. Horton has announced its S.A.D. Sale to take place on Sept. 6 and 7.
“S.A.D. is our acronym for Seller Assisted Down Payment, more commonly known as down payment assistance,” said Jeff Ward, director of marketing. “It also expresses the way many of us feel about the end of these programs. Currently many of our homebuyers are taking advantage of Down Payment Assistance, but recent legislation will prohibit the program in the near future. People looking to buy a home priced below $400,000 are going to regret it if they miss out on this.”
Ward is referring to the much publicized Housing and Economic Recovery Act of 2008, signed by President Bush on July 30. Two of the reforms in this bill, a tax credit for first-time buyers and a foreclosure rescue program, have been widely praised by consumer advocacy groups.
However, the act also will eliminate the use of down payment assistance programs funded by those who have a financial interest in the sale.
Thus, home builders such as D.R. Horton will no longer be able to provide this program after Oct. 31.
“The S.A.D. Sale will take place on the absolute last weekend we will offer this program,” Ward said. The Federal Housing Administration requires all applicants qualifying for down payment assistance have final credit approval by Sept. 30. For a very limited time, we may be able to arrange for a qualified buyer’s F.H.A. down payment to be provided to them. In some cases, that’s up to $12,000. In addition, the new federal law allows first-time homebuyers a tax credit of $7,500. Our promotion wraps all these opportunities together with our lowest prices of the year. In many instances, we will sweeten the deal with great financing packages.”
For more than 10 years, D.R. Horton’s Las Vegas Division has been known as the Las Vegas Valley’s leader in single-story homes.
Twenty-two of the builder’s neighborhoods exclusively showcase single-story homes that range from 1,000 to more than 5,000 square feet. Many ranch-style floor plans feature dual master bedrooms.
“More and more families find themselves housing multiple family generations,” Ward said. “Our 2350 and 2550 dual master floor plans have been a huge hit for families with grown children.”
D.R. Horton has recently lowered the sales price of the award-winning 2350 floor plan for the S.A.D. Sale.
The Las Vegas Division’s portfolio of single-story homes can be viewed at DRHorton.com.
Over the past seven years, D.R. Horton has unveiled a line of townhome floor plans called triplexes. They feature attached garages and amenities, including swimming pools.
These floor plans are typically offered in the builder’s Ranch communities. The Horton Ranches offer multiple model complexes in a wide range of price points, beginning in the low $100,000s.
Each of these communities has homes available for the S.A.D. Sale.
D.R. Horton Inc. was named the nation’s largest home builder in the May 2008 issue of Professional Builder magazine. Nationwide, the builder closed 37,717 homes in calendar year 2007. D.R. Horton’s Las Vegas Division has an inventory of more than 100 homes available for move-in within the next 60 days.
D.R Horton is offering down payment assistance in 20 of its 35 valleywide communities, as well as four communities in Laughlin.
Credits: Review Journal
3 Responses to “D.R. Horton Offers Last Chance DPA”
Leave a Reply
September 4th, 2008 at 6:02 pm
The loss of seller assisted down payment assistance will be detrimental. This is a program that has helped sustain the real estate industry by making it possible for qualified home buyers to purchase homes! Without it, many home builders, real estate agents & mortgage lenders will see a dramitic decline in business. Also, many homeowners will see a decrease in the market value of their home as many homes remain on the market and unsold.
September 8th, 2008 at 11:53 pm
Michelle,
I agree with you 100%. It’s just like you say… All the homes that are just sitting on the market, they end up getting lowered. One property that sells in a subdivision just ruins it for any other home in that neighborhood.
I mean, we’re dealing with middle America. Once stable, now feeling insecure.
Foreclosures after foreclosures…
To be honest. I think it’s like this. The nation is falling down the hill (economically, of course) and its getting its cuts and bruises. It’s still going on… It hurts! It does! But the bottom will happen. It HAS to.
September 20th, 2008 at 5:29 pm
We can still save down payment assistance. A new bill has been introduced to congress which will save it. We need to all do our A great website to check out is http://www.dpagroundswell.org. part and make our voices heard to Washington in support! Let’s keep the dream of homeownership alive!