What is happening today in mortgage lending:
Down Payment Assistant Programs
HUD has eliminated Seller paid Down Payment Assistant Programs as of Oct.1 2008. Down payment assistant programs are acceptable to HUD as long as they do not come from the seller or anyone involved in the sales transaction. I recently have been reading about the American Dream Down payment initiative which is available in all states. However in my research it appears some states do get more money than others. Here is a link to this program and a link to all Homeownership Assistance programs approved by HUD in Utah.
American Dream Down payment Initiative
Homeownership Assistance: Utah
FHA issues Mortgagee letter 08-23
Revised Downpayment and Maximum Mortgage Requirements
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
1 comment:
Dear Shirley,
You are so amazing. What a blessing you are to all of us who know you! Once again you have saved the day and many people will be able to have homes that other wise would not because of your passion to research and understand the guidlines. Thank for your lifetime dedication to our Industry and being the best roll model I could ever ask for.
Brandi Green
Freedom Mortgage Services
Vernal, UT
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