fha
FHA loans are being revised. The mortgage amount may be increased; also no gift letters will no longer be allowed. Has anybody heard anything else?
MS Lending, LLC - Madison, MS
I have read on several down payment assistance websites that starting Nov. 1, 2007, Hud will not allow down payment assistance to come from the sellers. Gifts from family, etc. will still be allowed. I have not been able to put my fingers on the actual HUD release but this website gives a little more information.
http://www.nehemiahcorp.org/nehemiahnews/100107.cfm
Oct 02, 2007 08:23 AM
MacDoc Realty - Fredericksburg, VA
I have heard also that on FHA they will offer 100% financing which means gifts wouldn't be necssary in many cases.
Oct 03, 2007 04:57 AM
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