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The End of Seller Paying Buyer's Downpayment
August 25th, 2008 11:33 AM

President Bush recently signed into law the Housing and Economic Recovery Act of 2008.

The Act eliminates seller-funded DAPs as an acceptable source of funds for FHA loans and applies to funds provided before, during or after closing by any of the following:

• the seller

• any person who financially benefits from the transaction

• any entity that financially benefits from the transaction

• any party that is directly or indirectly reimbursed by a seller who financially benefits from the transaction

• any party that is directly or indirectly reimbursed by an entity that financially benefits from the transaction

Things are changing quickly.  Make sure you are working with a mortgage professional that is on top of the daily changes in the mortgage industry.  Have a great day!

 

Barbara

Posted by Barbara Karstrom on August 25th, 2008 11:33 AMPost a Comment (0)
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