FHA UPDATE- October 1^st, 2008 FHA increases the borrower’s contributions from 3% to 3.5% and provides that the borrower’s downpayment towards the purchase may not be provided by the seller or any third party that is reimbursed by the seller. Example <Ameridream> This new law does not mean that the seller may not provide downpayment assistance to borrowers obtaining FHA insured home loans. Contributions by the sellers will not count as the downpayment as current law allows. You must have 3.5% of your own money.H.R. 6694 was introduced on July 31, 2008. Congress adjourned very soon after that date and as of September 2, 2008 have not come back to work. They are scheduled at convene September 8, 2008 and in the meantime the bill has been referred to the appropriate committee <Financial Services>. 
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Brent Mendelson
Choice Finance Senior Mortgage Banker
O-301-881-8900 X123
www.choicefinance.net/brent.htm 
Brent’s testimonials 

Currently in an FHA loan?
Look into an easy qualifying FHA streamline refinance.  We only need to verify a 12 month satisfactory mortgage history.  There is no requalifying your income, credit scores and assets… no paystubs, no w2s, no tax returns, no asset documentation, no reserve requirements, and no minimum credit scores.

..more on an FHA refinance

  Call Alex Echeandia for more info

If you refinanced your FHA mortgage, you may be due a portion of your paid upfront FHA mortgage insurance premium.  This may have been applied to your new upfront premium if you refinanced from an FHA loan to an FHA loan.

 You can go to HUD’s website and see if you are eligible:
http://www.hud.gov/offices/hsg/comp/refunds/

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     Contact me for more info, Brent Mendelson, Choice Finance®