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This afternoon the U.S. District Court for the District of Columbia has issued an injunction on behalf of Partners in Charity Inc., Futures Home Assistance Program, Sovereign Grant Alliance, Genesis Foundation, Home Down Payment Gift Foundation, Freedom Home Baptist Church, Inc. and the Dove Foundation, Inc. against the HUD rule to eliminate seller funded down payment assistance programs. This injunction opens the door for sellers to continue use of down payment assistance programs until a final resolution on the rule is determined.

This in no way guarantees that any of the programs will still be around after March 2008.

On the semi-good news front, David Nason, assistant secretary of the Treasury for financial institutions, called on Congress yesterday to speed up passage of several pieces of legislation intended to help borrowers in trouble with their mortgages. One of the pieces of legislation he was talking about is the Senate version of the House’s H.R. 1852 which will raise FHA mortgage limits among other things. In addition, Congress’s Joint Economic Committee issued a statement last week expressing the importance of passing the legislation to modernize FHA.

My own $0.02 is that I am ready for them to stop issuing statements and start taking some action!

Carl Pruitt is a 22 year veteran of the real estate/mortgage businesses and specializes in FHA mortgages and FHA loan officer training resources.


Filed under: Down Payment Assistance • FHA Updates • FHASecure • H.R. 1852 • HUD Regulations • Industry Information

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