Advertisements

It appears that a deal has been made to save FHA down payment assistance programs with seller participation. I have always said we should fight not to throw out the baby with the bath water when it comes to these programs. All we need to do in order to lower the foreclosure claim rates on loans with seller participating down payment assistance is to enforce the rest of the FHA underwriting guidelines.

In an age when Federal Reserve monetary policies specifically penalize people who save money, we can at the very least make sure that potential home buyers who can show the ability to make the payments still have a chance to buy a home.

You can find more details on the deal struck between Barney Frank and HUD in Brian Brady’s post today on Bloodhound Blog.


Tagged with: • • • •

Filed under: Down Payment Assistance

Like this post? Subscribe to my RSS feed and get loads more!