down payment assistance: HUD USES DOWN PAYMENT ASSISTANCE PROGRAMS AS SCAPEGOAT.
- 06/18/08 01:33 AM
Nehemiah, Ameridream; HUD has decided these are the bad guys. The reason so many FHA loans fail is not poor origination, inferior underwriting, or basic fraud, it is the use of a down payment assistance program like one of those named above to get 100% funding on a 97.00% loan program. I would love to see their data. Dawn and I have been using DPA's in Northeastern Pennsylvania for more than a few years and as we track our loans we do not see these loans failing. Yea, there was the couple that ended up losing the house, but I feel … (0 comments)
Nehemiah, Ameridream; HUD has decided these are the bad guys. The reason so many FHA loans fail is not poor origination, inferior underwriting, or basic fraud, it is the use of a down payment assistance program like one of those named above to get 100% funding on a 97.00% loan program. I would love to see their data. Dawn and I have been using DPA's in Northeastern Pennsylvania for more than a few years and as we track our loans we do not see these loans failing. Yea, there was the couple that ended up losing the house, but I feel … (0 comments)
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