FHA-DPA UPDATE
Tuesday, September 2nd, 2008FHA UPDATE- October 1st, 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
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