OfflineBeginning Oct. 1 the sweeping housing bill signed into law last week by President Bush, HR 3221, will prohibit FHA from recognizing seller-funded "gifts" from nonprofits that are largely funded by home builders as a valid form of down-payment assistance.
But have no fear... a new bill (HR 6694) has been introduced that would allow FHA to continue to recognize seller-funded down-payment assistance when borrowers have a FICO score of 680 or greater. Borrowers with FICO scores of between 620 and 680 would also be able to rely on seller-funded gifts of up to 3 percent of their loan principal, but would have to pay increased mortgage insurance premiums.
I found this article, its only a portion of the whole thing. I hope its helpful.
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I have read some articles about the bill, but I have not seen this yet. I like it. It would make selling properties to buyers much easier.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Thanks for the short form of the article. Where did you find the article at? I would like to read the whole thing. That is some great news.
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
Sandy,
Thanx for sharing this info...had heard a little about this on the news just recently but would like to read the article as well...would you be so kind as to post its link in this forum thread?
Kind Regards, wib
PS) Tried to read a house bill ONCE...will NOT make that mistake again as the "Legal Begal" lingo gave me a headache!
"All great social and intellectual movements begin with a group of interested friends." CS Lewis
And we know that for those who love God, that is, for those who are called according to his purpose, all things are working together for good.
Romans 8:28 - International Standard Version (©2008)
Let me do some hunting and I will do my best to get the link up asap.
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