All about life and real estate in Loudoun County, Virginia
According to Inman News today, HR 6694, a bill in Congress right now that would craft a compromise to allow down payment assistance programs to continue, seems to be gaining momentum. It looks like they are considering FICO score guidelines in the compromise; the bill was presented after Congress passed HR 3221 on July 30, effectively … [Read more...]
Seller funded down payment assistance programs are set to be eliminated by this fall, unless Congress approves the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694). The Department of Housing and Urban Development apparently would rather eliminate these programs entirely than regulate … [Read more...]
Scott Fournier, of Integrity Home Mortgage, writes: As many of you may know, The Nehemiah Program, through court litigation won the ability to remain a viable approved source for downpayment assistance when buyers are using FHA loan programs. Nehemiah is a program by which a seller makes a contribution to a non-profit organization, then … [Read more...]
