Mortgage Processing News in NAMP® Press Room
HUD Tightens Guidelines for DPAs, Providing Opportunity and Options for Mortgage Professionals & Homebuyers
Sunday, February 13, 2011 - 2:20pm
HUD has issued a new rule to block the loophole which allowed for down payment assistant programs to provide charitable gifts toward homebuyer's down payment requirements. The impact will touch low- to moderate-income homebuyers, the majority who are first time, who would have relied on a charitable organization to meet the requirements for an FHA loan and down payment on a home. However,...