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Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2891
Location: High and Dry
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 Posted: Tue May 06, 2008 5:46 pm Post subject: HUD's Final Rules on DP Assistance Will Not Take Effect |
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Just received this from the state association (RANM) ezine (invites to donate to RPAC and volunteer).
| Quote: | HUD'S Final Rules on Down Payment Assistance Will Not Take Effect
The United States District Court for the District of Columbia recently vacated HUD's Final Rule dealing with seller-funded down payment assistance programs. The Final Rule which was to take effect October, 2008 provided that FHA would no longer insure loans originated with seller-funded down payment assistance. In pertinent part, the Final Rule provided that FHA would not insure a mortgage if the funds for the buyer's down payment consisted, in whole or part, of funds provided by any of the following parties before, during or after closing of the property sale: 1) the seller or any other person or entity that financially benefited from the transaction; or 2) any third party or entity that would be reimbursed, directly or indirectly, by any of the parties described in paragraph 1above. In other words, the Final Rule stated that down payment assistance provided by home sellers indirectly through charitable organizations was impermissible. Several charitable organizations filed suit against HUD. After review of the evidence, the Court ordered that the Rule be vacated and remanded to HUD for further proceedings consistent with the Court's opinion.
Look for more Second Quarter REALTOR® Voice, which should reach your mailbox in late June. |
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