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 in 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
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