FHA Rules Does Away with Down Payment Assistance Programs, May be Gone for Good!

Did you notice that 1/3 of all FHA buyers' down payments were funded by a DAP in 2006? For the first five months of 2008, the percentage is over 37%. The question is whether or not elimination of DAPs will eliminate 37% (or so) of the FHA purchases? Ouch!

If you are involved in FHA purchase transactions, this will impact your business. Make your comments (www.Regulations.gov) and pass the word.

DownPayment Assistance Programs
(Federal Register: June 16, 2008 (Volume 73, Number 116)
Standards for Mortgagor's Investment in Mortgaged Property)

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