FHA Proposal to reduce seller concessions would devastate First time Home buyers in Montgomery County
By Henry J. Daniels - Sr Loan Officer, Nationwide Construction, Rehab,Conv & VA/FHA/USDA
(Henry J Daniels (936) 228-1944)
On January 23, 2012 FHA published a memo recommending a reduction in the amount that a seller can assist home buyers with their costing costs from 3% to 6%. Foreclosures Lower with FHA but FHA is in Denial It was brought up in 2010 and commentary from the public was an overwhelming NO. So the Proposal was shelved. However with the new year this proposal has gained new life with the Federal Housing Administration and HUD. As the refinement in home mortgage lending has occurred over the past 5 years. Delinquencies are down sharply as noted in this article by Housingwire. So who will this impact the most? First time Home Buyers who use down payment assistance on more affordable homes. As it stands now using down payment assistance programs such as Bond 77 and it's higher costs woul...