The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) was introduced by several members of Congress on Thursday, July 31, 2008. Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays sponsored this bill.
If it is passed and signed into law, it will allow downpayment assistance to continue after the 10/1/08 shut down date - but changes certain rules for allowing its use. It modifies the criteria under which someone will qualify for downpayment assistance - a positive change based on a borrowers credit scores...you can read the text of the bill by clicking HR 6694 above.
Benny Payne Realty Inc, Athens, Georgia - Athens, GA
Assoc. Broker, Realtor,CRS
First Time Home Buyers often need this assistance to get into a home. They can usually afford their mortgage payments, however have trouble pulling up the resources necessary for a downpayment. Downpayment assistance is sometimes the only way these buyers can purchase their homes. Our houseing market needs all the stimulation it can get right now and H.R.6694 would greatly benefit first time home buyers which indeed would help stimulate the economy.
Please view this U-Tube video: HUD Publically Admits It Mismanaged FHA http://de.youtube.com/watch?v=g2CLQABK-S8
Aug 16, 2008 07:24 AM
Rainer
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Erin Stumpf (Attardi)
916-342-1372 / DRE# 01706589 Sacramento, CA
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