fha loans: Recent Changes and rulings for FHA Loans, and DO OPEN HOUSES HELP?? - 10/12/07 12:33 PM
HUD has eliminated the use of the DPA (Down Payment Assistance) programs like AmeriDream, Nehemiah and Quick.com. These programs allowed the seller to give the money for the down payment to a third party "charity" that would in turn gift the money to the buyer. HUD is no longer going to accept these programs as an acceptable source of gift funds for down payment.
 
Also affected is the use of FHA and Oregon Bond with Cash Advantage. You may no longer use the Cash Advantage for down payment on FHA Oregon Bond loans only (Conventional Bond Still ok). HUD recently issued a … (2 comments)