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dpa: FHA Seller funded downpayment may be back - industry and government efforts address HUD concerns - 09/09/08 10:08 PM
It appears that industry and government efforts may succeed in bringing back FHA approved seller funded downpayment assistance. Inman News has published information that negotiations are underway to pass HR 6694 before the October 1 deadline. HR 6694 would reinstate seller funded down payment programs, with additional underwriting guidelines.
Loans closed with a seller funded downpayment use funds from an IRS approved non profit grant to pay the buyer's funds for closing. The seller then reimburses the grant program from their sale proceeds at closing. This transaction is considered by many detractors to be no more that laundering. The real issue over seller funded downpayment assistance programs is the documented … (10 comments)

dpa: Housing Bill Local Impact - FHA changes - 07/27/08 06:59 PM
The local and national impacts of the new Housing Bill are significant and long term. The provisions of the bill will take some time to sort through. The bill was approved by the House earlier last week and by the Senate yesterday, after the President indicated on Thursday that he would sign the bill.
The circumstances of recent mortgage and financial market crisis events forced quick passage of some response, and this bill was already in place.
The Housing Bill brings many changes to the national and local real estate markets. The headline changes focus on foreclosure relief, Fannie Mae and Freddie Mac support … (17 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343

Office Phone: (423) 280-0345

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