FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008
This bill - H.R. 6694 was introduced 8/1/2008 by U.S. Rep. Al Green (TX), and co-sponsored by U.S. Representatives Gary Miller (CA), Maxine Waters (CA), and Christopher Shays (CT).
It is a short addendum to the housing bill recently signed into law by President Bush that attempts to correct the exclusion of seller assisted down payment assistance. The bill also sets some risk based pricing guidelines for HUD.
As introduced seller assisted DPA would be allowed for borrowers with a credit score of 620 or higher.
There are some M.I. guideline for DPA loans also set with this legislation.
Seller assisted DPA, like every other mortgage program and service has experienced some abuses over the past 3- 4 years. But this is type of assistance has also helped over 1 million families buy homes.
You should urge your representitives to support this bill.
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