From Realty Times - It's an issue that's been festering for years, and last week it blew up again: The Bush administration relaunched its campaign to ban “downpayment gift” programs where home sellers make contributions to nonprofit groups that then funnel most of the money to purchasers.


At a National Press Club luncheon, FHA commissioner Brian Montgomery said such programs - which effectively cut downpayments to zero and may artificially inflate sales prices - rack up three times the number of foreclosures and insurance claim losses compared with loans where buyers come up with their own downpayments.

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1 Comments on Washington Report: Downpayment Gift

Some lenders have already put a stop to allowing sellers to contribute towards the down payment assistance, however we are still allowing it to help more people get into homes that qualify. Good article

06/16/2008 11:16 PM by STACEY KING- Colorado Mortgage Alliance, an Affiliate of Wells Fargo Home Mtg (COLORADO MTG ALLIANCE, AFFILIATE OF WELLS FARGO HOME MORTGAGE)


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Real Estate Agent: Jude Sandvall (Realty Executives of Aurora)
Jude Sandvall
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