hud ruling: HUD'S NEW RULING JUST IN - 10/04/07 02:01 AM
 
 
Home Buyers
HUD has just issued a final rule prohibiting the use of down payment assistance programs where a seller or other interested party (agent, lender, builder), places funds with a non-profit to facilitate the borrower down payment. This is effective as of October 31, 2007.
 
 This is the exact language in the ruling.
 
72 FR 56002: STANDARDS FOR MORTGAGOR'S INVESTMENT IN MORTGAGED PROPERTY (10/01/07)
Dated: September 26, 2007.
Brian D. Montgomery,Assistant Secretary for Housing - Federal Housing Commissioner.
[FR Doc. 07-4846 Filed 9-28-07;
   To get information on this matter please call
Ted Wheaton
757-404-4978
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Ted M. Wheaton, II

Virginia Beach, VA

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REMAX Alleiance

Office: 757(217) 190-0147

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